MUMBAI (Metro Rail & Steel) : After a prolonged 12-year wait, the Navi Mumbai Metro project is on the edge of becoming a reality. Prime Minister Narendra Modi is expected to inaugurate the eagerly anticipated metro system on October 30, marking a significant milestone for the city.
The Navi Mumbai Metro project faced numerous challenges, including changes in plans, contractor issues, protests, and difficulties in land acquisition by the City and Industrial Development Corporation (CIDCO). These hurdles led to delays and increased project costs. The estimated cost for the Metro Line-1 project is Rs 3,400 crore, with CIDCO already investing Rs 2,600 crore. To expedite the project, CIDCO secured a line of credit worth Rs 500 crore from ICICI Bank.
On 21st June 2023, the Commissioner of Metro Rail Safety (CMRS) issued the necessary certificate for the stretch between Belapur and Central Park station, allowing the Navi Mumbai Metro to move one step closer to commercial operation. Earlier, CIDCO had received the CMRS certificate for the stretch from Central Park to Pendhar in October 2021. The entire Line-1 covers 11.1 km with 11 stations, connecting Belapur to Pendhar station.
The Navi Mumbai Metro’s inauguration will provide relief to residents in the region, alleviate traffic congestion, and is expected to boost real estate demand. Residents of Taloja, Ghot, Koyanaville villages, and surrounding areas will have a reliable rail connection, significantly improving their daily commute. For years, the lack of connectivity options in these areas forced many to rely on private vehicles.
The metro project will also benefit major housing developments in Kharghar by increasing housing demand in the locality, thus boosting the real estate market. The connectivity will not only cater to current residents but also attract new residents. Moreover, the Navi Mumbai Metro will be a game-changer for Belapur, known for its significant commercial establishments and as the business district of Navi Mumbai.
