The Mumbai Metropolitan Region Development Authority, with Chief Minister Devendra Fadnavis chairing the proceedings on Thursday, approved the construction of two metro corridors – Dahisar-Charkop-Bandra-Mankhurd (DCBM) and Wadala-Ghatkopar-Thane-Kasarvadavali (WGTK).
The DCBM metro corridor is estimated at Rs 25,605 crore and WGTK line Rs 19,097 crore.
MMRDA said 50 per cent of funds would be raised from international finance agencies. The Central Government and State Government / MMRDA are likely to provide 20 per cent and 30 per cent of the fund requirement by way of equity and debt.
While the 40-km long and 36-station DCBM metro corridor will be entirely underground, the 32-km long WGTK corridor will have 24 underground and six elevated stations.
Both projects will be implemented by the Mumbai Metro Rail Corporation (MMRC) within 6-7 years, a release from MMRDA said.
The authority also approved a proposal to construct four flyovers and a road to decongest Bandra Kurla Complex area at a cost of Rs 227 crore.