MUMBAI: The state cabinet approved borrowing Rs 2,000 crore from the Housing and Urban Development Corporation Ltd (Hudco) on Tuesday to fund various municipal projects under the Urban Infrastructure Development Loan Scheme.
An official stated, “This decision will facilitate raising Rs 822 crore for the Chhatrapati Sambhajinagar Municipal Corporation’s water supply project, Rs 268.84 crore for four sewage projects in the Nagpur Metropolitan Region, and Rs 116.28 crore for Mira Bhayandar Municipal Corporation’s water supply project.”
“Several projects funded by the centrally sponsored Amrut 2.0 Mission, Swachh Bharat Mission 2.0, and the Maharashtra Golden Anniversary Urban Upliftment Mission are in progress. To avoid delays due to funding shortages, the Maharashtra Urban Infrastructure Development Loan Scheme has been established. The first phase will allow municipalities to borrow Rs 2,000 crore from HUDCO,” officials explained.
Last week, the cabinet also approved the long-awaited Mumbai Metro Line 11 project, which is an extension of Line 4 (Wadala–Thane–Kasarvadavli), with an estimated cost of Rs 23,488 crore.
The 17.5 km corridor, which includes 13 km underground and 4.3 km elevated sections, will feature 14 stations and is managed by the Mumbai Metropolitan Region Development Authority (MMRDA). This project will receive central support of Rs 1,338 crore in equity and Rs 917 crore as interest-free subordinate debt, with the state government overseeing the loan aspect.
Initially, the route was planned to traverse through narrow streets and wholesale markets in areas like Abdul Rehman Street. However, it has now been revised to include Regal Circle and other key landmarks like the Gateway of India, Flora Fountain, Crawford Market, and Fort due to engineering challenges presented by older structures.
This new alignment will intersect the Harbour Line at Reay Road and the Central Railway’s main line at Sandhurst Road, enhancing access in high-footfall areas. Additional stations are anticipated near Dhobi Talao and Marine Drive, which will improve tourist access.
