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Mumbai rail corridor project attracts infrastructure majors

Comments(2) Sub Category:Civic Issues,Mumbai Posted On: Jan 08, 2013

Mumbai rail projectInfrastructure giants like L&T IDPL, Gammon Infra, IL&FS Transportation, GMR Infra and CAF South Africa are already going head over heels to bag Mumbai’s upcoming elevated rail corridor project.

The railway corridor from Churchgate to Virar is planned at a budget of Rs. 20,000 crores, and will be Indian railways’ first and India’s largest public-private partnership initiative in the passenger segment. The corridor will have 26 stations of which five will be underground, nineteen elevated and two at ground level.

Although the project will be outsourced to a private player, the land required for the proposed project is said to be provided by the Indian railway and the Maharashtra government; as the private developer would not be able to recover the cost of the project from the fares.

This proposed 3.27 km long corridor from Oval Miadan to Virar is expected to be a real test for the Indian railway as the private developers have never dealt with such a rail project before. However, the private developer will be responsible for its operation, fare fixation, collection and the rate of return of the project is estimated at around 3.26 percent from fares but is expected to go up to 13.5 percent.

With the development of this project, the demand for nearby properties in Mumbai is expected to increase manifolds.

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