Mumbai's Metro rail project has hit a roadblock. The regional planning authority, executing the project, is facing shortage of funds.
In July, the Mumbai Metropolitan Region Development Authority (MMRDA) approached the World Bank and Japan Bank for International Cooperation for a Rs 20,000 crore loan. MMRDA plans to use the amount for constructing seven metro corridors; work on two is under way. Recent reports say the cost of the 146 km Metro network, comprising nine lines, has escalated from Rs 19,525 crore to Rs 47,092 crore. The MMRDA approached international banks for the third line of Metro, the 20 km Colaba-Bandra line. A section of the line would be underground: per kilometre cost of underground Metro is Rs 635 crore as against Rs 235 crore for an elevated corridor.