First in India: Mumbai Metro Line 3 to have private access passage for malls
Mumbai Metro Line 3 will soon have a private subway passage connecting metro stations to malls, and other facilities. So far, the proposal has attracted attention of eight private entities. The private access corridor will be built by MMRC, but the development cost will have to be borne by the private entities. In case multiple developers share a common subway, the operations and maintenance (O&M) cost will be borne by the developers proportionately.
6 stations of Mumbai Metro to have private passages
Out of 27 stations falling on a 32 kilometer stretch of the underground Line 3, six stations - Marol Naka, BKC, Dharavi, Dadar, Worli and Science Museum, have private developers interested in the corridor project. These entities will have exclusive rights that will allow employees and clients to use the subway connected to the metro stations.
Retail activities will be permitted along the subway with the private player having the right over advertisement spaces, kiosk, security and concierge services. The passage will help save time and also provide better connectivity along with boosting business for enterprises.
Mumbai Metro Rail Corporation (MMRC), which is executing this corridor, has plans to open Phase I (Aarey to BKC) by December 2023 and the entire network upto Cuffe Parade from July 2024.
Private entities will furnish irrevocable bank guarantees
Since MMRCL will build the corridor, the developer will be liable to furnish irrevocable bank guarantee equipment to four quarters of the projected O&M costs. In the event that the developer fails to make the project payment, MMRCL shall enforce the bank guarantee to recover cost of development.
In addition to the above, a one-time access fee of ₹2 crore as premium for granting direct access passage will be charged by MMRCL.As per reports, the collected funds will be utilised to develop the overall metro line 3 project.