New Shivaji Maharaj memorial to be taller than Statue of Liberty!
Indian Prime Minister (PM) kick-started infrastructure projects worth US$15bn in Mumbai, which should drive a construction boom. This is over and above the US$6bn worth projects that have been ordered YTD and US$4bn projects likely to be kick-started in six months time.
PM’s plans are for Mumbai; US$25bn capex in one city
- The PM laid the foundation stone for two new Metro projects, conventional railway projects under Mumbai Urban Transport Project, Mumbai Trans Harbour link and various other infrastructure projects.
- Prime Minister Narendra Modi kick-started projects worth Rs1trn during his visit to Mumbai on 25 Dec. He said, “Developmental works of over Rs1.06trn are getting started in a single city at a single event. This will be a big milestone in the city’s history.”
- The newly launched US$15bn worth projects along with projects already ordered YTD (US$6bn) and likely to be awarded in six months (US$4bn), total capex plan for Mumbai city is ~US$25bn. As a result of the push by the PM, we expect quicker execution of projects in the city, which have been stuck for various reasons.
Two new Metro projects – add to three under-construction lines
- The two new Metro lines spanning ~55km, for which project reports have been submitted to the Maharashtra govt for approval, will entail total cost of ~Rs250bn.
- The PM laid the foundation stones for two new projects – Mumbai Metro Line 2B (DN Nagar–Bandra–Mankhurd) and Mumbai Metro Line 4 (Wadala–Ghatkopar–Thane).
- Construction activity has already commenced for Mumbai Metro Lines 2A, 3 and 7. MMRDA has plans to build a 200km network of Metro lines across the Mumbai area.
Conventional rail projects – will PPP model kick-off?
- This includes Rs340bn worth elevated corridors: CST-Panvel corridor (Rs146bn) and Bandra-Virar corridor (Rs195bn – to be implemented in PPP mode).
- The PM also laid the foundation stone for multiple conventional railway projects with total outlay of Rs450bn.
- Under Mumbai Urban Transport Project–Phase III worth Rs109bn, key lines include two lines between Virar–Dahanu Road (63 route km), new corridor between Panvel–Karjat (28 route km) and new elevated corridor between Airoli-Kalwa (3 route km).
Other infra projects – US$2.6bn Harbour Bridge and US$530m statue
- The PM also kick started the Rs178bn Mumbai Trans Harbour project, which plans to connect Mumbai’s mainland with the eastern suburbs. The project is expected to be completed by 2019.
- He also laid the foundation stones for a few flyovers and a Rs36bn Shivaji Maharaj memorial, which would be taller than the Statue of Liberty!