The Mumbai Metro Rail Corporation Ltd (MMRCL) expects to raise around Rs 1,000 crore for the Colaba-Bandra-Seepz underground Metro III corridor by selling a 3-hectare JVLR plot.
Initially, the Metro III corridor was pegged at Rs 23,136 crore, but now, the cost is expected to increase sub?stantially as the cost of the civil works contract, which was awarded on July 5 for Rs 18,115 crore, has jumped by over 25 per cent as compared to estimates. The Japan International Cooperation Agency will provide 57 per cent of the overall cost or Rs 13,235 crore. The Centre and the state will provide equity of Rs 2,403 crore each and the Mumbai International Airport Limited will contribute Rs 777 crore.