Navi Mumbai town planning authority CIDCO has granted its in-principle approval to partly fund the Kalyan-Taloja Metro line 12 in equity to the extent of alignment falling within its jurisdiction.
The Thane-Bhiwandi-Kalyan Metro 5, which is being implemented by the Mumbai Metropolitan Region Development Authority (MMRDA), has been extended up to Taloja in Navi Mumbai for a further connectivity to Navi Mumbai International Airport (NMIA).
Earlier, the MMRDA had sought state approval for extending the project in CIDCO jurisdiction and requested the latter to contribute towards the cost of the project estimated at Rs 5,865 crore.
"CIDCO Board discussed the funding contribution to the total cost for the Kalyan-Taloja metro line being constructed by MMRDA and decided to share the equity of the project to the extent of alignment falling within jurisdiction of Navi Mumbai and NAINA," the authority said in a statement issued here.
This corridor is expected to accelerate development in the regions encouraging people to come to these nodes from the already-crowded pockets of the city.
"It will also help in decongesting Mumbai by accelerating developments and generate employment opportunities here," it said.
The total length of the project is 20.756 km and nearly four kms fall in the jurisdiction of CIDCO. The metro route is expected to be completed by 2026.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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