'MMRDA needs Rs 1.13 lakh cr investment for infra development'

MUMBAI: Mumbai Metropolitan Region Development Authority (MMRDA), a nodal agency for city's makeover, has upped the estimated investment target needed for infrastructure development by over 50 per cent.

MMRDA now estimates the total investment required over the next four years at Rs 1,13,000-crore as against the earlier estimate of Rs 75,000 crore, MMRDA Metropolitan Commissioner, Ratnakar Gaikwad said.

"The earlier estimated investment of Rs 75,000 crore now needs to be upgraded as infrastructure demand is increasing and a sufficient fund-base would be required. The authority estimates that Rs 1,13,000-crore investment is needed over the next four years," Gaikwad said.

"The investment is required to speed up the ongoing projects and to manage the projects that are in the pipeline," Gaikwad said.

These include the construction of metro and monorail networks, inter-state bus terminus, iconic tower, innovation parks and a 140 km long multi-model corridor between Virar and Alibaug.