Thane Circular Metro Project: Central and State governments to share funding equally
In a significant boost for urban transport, the Maharashtra Cabinet, led by Chief Minister Eknath Shinde, has approved the ambitious Rs.12,200.10 crore Thane Circular or Integral Ring Metro Rail Project. The 29-kilometer metro line will feature 20 elevated stations and two underground stations, aimed at enhancing connectivity in Thane, the Chief Minister’s home city.
The funding for the project will be evenly shared between the central and state governments, with additional contributions from bilateral agencies. Innovative financing methods will also be employed, including the sale of station naming and access rights to corporate sponsors, asset monetization, and value-capture financing.
This Cabinet approval follows the central government’s nod on August 16, paving the way for implementation. Maha-Metro will oversee the execution of the project, which includes civil works, electro-mechanical systems, and related facilities. Pre-bid activities and tender preparations are already underway, with contracts set to be released soon.
To facilitate the project, the Thane Municipal Corporation has been directed to contribute Rs.5,078.04 crore towards land acquisition, rehabilitation, and resettlement costs. The state will also provide an interest-free secondary loan of Rs.₹969.75 crore, to be repaid after the primary loans from multilateral agencies.
According to the Chief Minister’s Office, the new metro line will not only offer a sustainable and efficient transport option but is also expected to alleviate traffic congestion and reduce greenhouse gas emissions. The project is anticipated to be completed by 2029.
Once operational, the metro is projected to serve an impressive daily ridership, growing from approximately 647,000 passengers in 2029 to 872,000 by 2045. The initiative promises to provide faster and more economical commuting options for thousands of daily travelers, particularly students and office-goers.
The state government has instructed Maha-Metro and the Thane Municipal Corporation to adhere to the project timeline and prevent any cost overruns. Additionally, Maha-Metro has been designated as the special planning authority for the construction area, which will also encompass parking and property development.
For all the latest updates, download PGurus App.
- Emirates Airlines bans pagers and walkie-talkies onboard after Lebanon attacks - October 5, 2024
- Amravati: Stones pelted on police officers over remarks on Prophet Mohammed; 21 cops injured, 10 police vans damaged - October 5, 2024
- Delhi Police EOW files case against SpiceJet MD and officials over PF dues - October 5, 2024
