Mumbai: The BMC will allocate an additional Rs 500 crore to Mumbai Metropolitan Region Development Authority (MMRDA) for the ongoing Metro project. MMRDA had sought nearly Rs 5,000 crore from the civic body to fund Metro works.
Despite the BMC’s financial challenges, it decided to allocate Rs 1,000 crore from its fixed deposit funds. Officials clarified that the funds are being raised as the BMC is required to cover 25% of the total project cost, amounting to a total of Rs 5,000 crore to be disbursed in phases.
Accordingly, the BMC disbursed Rs 950 crore from its fixed deposits in March, followed by an additional Rs 1,000 crore in April. A provision of Rs 3,900 crore has been allocated in the civic budget for 2024-25. “We have already disbursed Rs 2,000 crore. Currently, an additional Rs 500 crore will be allocated to MMRDA,” confirmed a senior civic official.
