Maharashtra okays Rs 500 billion for infrastructure projects in Mumbai
ECONOMY & POLICY

Maharashtra okays Rs 500 billion for infrastructure projects in Mumbai

With assembly elections on the horizon, the Maharashtra state cabinet has sanctioned 38 infrastructure projects, focusing on accelerating development in the Mumbai and Thane regions, alongside new housing schemes for those affected by ongoing projects.

One of the major initiatives is the Orange Gate to Marine Drive tunnel project, for which the government has approved an interest-free secondary loan of Rs 13.54 billion to the Mumbai Metropolitan Region Development Authority (MMRDA). The allocation includes Rs 6.14 billion for state taxes, Rs 3.07 billion to cover half of the central taxes, and Rs 4.33 billion for land acquisition. The total project cost is pegged at Rs 91.58 billion.

The cabinet has also expedited the Thane Ring Metro Rail project with a revised budget of Rs 122.2 billion. This 29-km metro line will feature 20 elevated and two underground stations.

Additionally, the Thane-Borivali underground highway project has been approved with an investment of Rs 188 billion. The six-lane highway will include a significant 11.85-km-long tunnel, designed to ease congestion between the two cities.

For the Murbe multipurpose port project in Palghar district, the cabinet appointed JSW Infrastructure as the contractor. A detailed report on technical and rehabilitation aspects will be prepared by the Central Water and Power Research Station (CWPRS) and the Central Marine and Fisheries Research Institute (CMFRI). The port, estimated at Rs 42.59 billion, will operate year-round and focus on handling captive and bulk dry cargo, creating 1,500 jobs.

The cabinet also greenlit an affordable rental housing scheme for eligible slum dwellers in Dharavi as part of the Dharavi Redevelopment Project (DRP). A comprehensive survey will be conducted to determine the number of eligible residents, and land allocation will be adjusted accordingly. The state government emphasised that the financial burden of the credit-linked subsidy should be borne by the special purpose company managing the project, ensuring no liability falls on the state.

Furthermore, concessions were approved for the MMRDA in the slum rehabilitation schemes in Ramabai Ambedkar Nagar and Kamrajnagar. MMRDA will now be allowed to pay the recalculated land premium value for 14 hectares in Kurla from the sale proceeds after project completion, eliminating the need for an upfront 25% payment. (FPJ)

With assembly elections on the horizon, the Maharashtra state cabinet has sanctioned 38 infrastructure projects, focusing on accelerating development in the Mumbai and Thane regions, alongside new housing schemes for those affected by ongoing projects. One of the major initiatives is the Orange Gate to Marine Drive tunnel project, for which the government has approved an interest-free secondary loan of Rs 13.54 billion to the Mumbai Metropolitan Region Development Authority (MMRDA). The allocation includes Rs 6.14 billion for state taxes, Rs 3.07 billion to cover half of the central taxes, and Rs 4.33 billion for land acquisition. The total project cost is pegged at Rs 91.58 billion. The cabinet has also expedited the Thane Ring Metro Rail project with a revised budget of Rs 122.2 billion. This 29-km metro line will feature 20 elevated and two underground stations. Additionally, the Thane-Borivali underground highway project has been approved with an investment of Rs 188 billion. The six-lane highway will include a significant 11.85-km-long tunnel, designed to ease congestion between the two cities. For the Murbe multipurpose port project in Palghar district, the cabinet appointed JSW Infrastructure as the contractor. A detailed report on technical and rehabilitation aspects will be prepared by the Central Water and Power Research Station (CWPRS) and the Central Marine and Fisheries Research Institute (CMFRI). The port, estimated at Rs 42.59 billion, will operate year-round and focus on handling captive and bulk dry cargo, creating 1,500 jobs. The cabinet also greenlit an affordable rental housing scheme for eligible slum dwellers in Dharavi as part of the Dharavi Redevelopment Project (DRP). A comprehensive survey will be conducted to determine the number of eligible residents, and land allocation will be adjusted accordingly. The state government emphasised that the financial burden of the credit-linked subsidy should be borne by the special purpose company managing the project, ensuring no liability falls on the state. Furthermore, concessions were approved for the MMRDA in the slum rehabilitation schemes in Ramabai Ambedkar Nagar and Kamrajnagar. MMRDA will now be allowed to pay the recalculated land premium value for 14 hectares in Kurla from the sale proceeds after project completion, eliminating the need for an upfront 25% payment. (FPJ)

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?