MMRDA woos global investors for funding

With a kitty of about Rs15,000 crore, the Mumbai Metropolitan Regional Development Authority (MMRDA) may be considered the richest planning body in the country. But with an investment of Rs1.14 lakh crore required to implement its 16 premier infrastructure projects, the authority is wooing worldwide investors to come to its rescue.

Last week, MMRDA chief Ratnakar Gaikwad appealed to a world conference of architects, urban planners and investors being held in the city to pledge investments for the metropolitan region. At the conference, organised by the Chicago-based Council on Tall Buildings and Urban Habitats along with the Remaking of Mumbai Foundation (RoMF), Gaikwad showcased the authority’s various projects, such as the 145-km metro corridor, the 100-km monorail, the iconic tower, innovation park, rental housing, the multi-modal corridor, and the funicular railway at Matheran. He said that these projects can set the city, along with the entire region, on a path of rapid growth.

“While the metro and the monorail will act as capillaries to Mumbai’s transport, the multi-modal corridor will establish a 140-km link between Virar and Alibaug. It will have eight lanes for vehicles, along with dedicated lanes for buses and a metro track right in the median,” said Gaikwad.

“The public-private partnership model applied to the first two metro lines is an example for other states to follow. It emphasises the fact that big projects need no longer linger for the want of funds,” said Gaikwad.

He concluded by appealing to the business community to contribute to the region’s growth by investing in various projects initiated by the authority.