The Mumbai Metropolitan Region Development Authority, the nodal agency for the city's makeover, has upped the estimated investment target needed for infrastructure development by over 50 per cent.
MMRDA now estimates the total investment required over the next four years at Rs 113,000 crore (Rs 1,130 billion) against the earlier estimate of Rs 75,000 crore (Rs 750 billion), MMRDA metropolitan commissioner Ratnakar Gaikwad said.
"The earlier estimated investment of Rs 75,000 crore now needs to be upgraded, as infrastructure demand is increasing and a sufficient fund-base would be required. The authority estimates that a Rs 113,000-crore investment is needed over the next four years," Gaikwad said.
"The investment is required to speed up ongoing projects and to manage the projects that are in the pipeline," Gaikwad said.
These include the construction of metro and monorail networks, an inter-state bus terminus, an iconic tower, innovation parks and a 140-km-long multi-model corridor between Virar and Alibaug.
The Mumbai metropolitan region spans over 4,355 square kilometres and includes 20 urban regions, four districts and 100,000 villages. MMRDA has approved 25 letters of intent for the construction of more than 300,000 houses under the rental housing scheme, Gaikwad said.
Under another project the authority plans to build 24,000 toilets under the Nirmal Abhiyan scheme, out of which 2,000 have already been completed and the rest are expected to be finished soon.
The authority is working with a core group of experts from different sectors to formulate various strategies and plans for the long-term development of the metropolis, Gaikwad said.
