Mumbaikars, who are commuting on Versova-Andheri-Ghatkopar metro line I, can expect the commissioning of one more metro line in next five years.
Foundation stone for the 32.5 km underground Colaba-Bandra-SEEPZ Metro line 3 will be laid on August 26 in the presence of Maharashtra chief minister Prithviraj Chavan, union minister of urban development M Venkaiah Naidu.
This will be the second metro line after Nagpur metro project to be launched within a week. The Metro line 3 project envisages an Rs 23,136 crore (Rs 231.36 billion). A Budget allocation of Rs 875.83 crore (Rs 8.75 billion) has been made in BE 2014-15 of union ministry of urban development for this project.
This project is expected to be completed by December 2019. Naidu, who was in the city, told Business Standard, ''The government will provide all the necessary cooperation for the development of Metro line 3 project.
Naidu held meeting with Chavan this morning with regard to Metro line 3.
The 50:50 joint venture project of Government of India and the Maharashtra government was approved by the Union Cabinet on June 27, 201 and GoI sanction was issued on August 18 last year.
The total allocation of Rs 161 crore (Rs 1.61 billion) in 2013-14 was surrendered and no funds could be released towards Metro line 3 in 2013-14 as the Government of Maharashtra could not comply with the conditions of the sanction order