MMRC plans to get 15% revenue from non-fare options to post underground corridor

MMRC wants to connect residential or commercial complexes within a 500-metre radius of Metro stations via underground subways.

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Mumbai Metro Line 3
Mumbai Metro Line 3

MUMBAI (Metro Rail News): Mumbai Metro Rail Corporation (MMRC) authority is exploring non-fare revenue options as the city builds its first underground corridor i.e Mumbai Metro Line 3

If all goes as per plan, the direct subway will be built to access the nearest metro station from the office in a one-time fee. A 33 Km long Mumbai Metro Line 3 connects the city’s airport terminals and three prominent business districts. We have received 12 expressions of interest (EoIs) submissions for direct access said an MMRC official.

The Mumbai Metro Rail Corporation (MMRC) is approaching developer associations in and around Bandra-Kurla Complex (BKC), Lower Parel, and the international airport to provide residential and commercial complexes easy access to Metro-3 stations through the direct subway.

The corporation aims to interact with hotels and commercial offices near the international airport to enable direct access to the T2 station. MMRC is in talks with the BKC Property Owners’ Association, and the Mumbai Mile Regeneration Association (MMRA), a non-profit organisation of developers, residents’ associations and corporates in Senapati Bapat Marg, for the BKC and Science Museum stations, respectively.

MMRC wants to connect residential or commercial complexes within a 500-metre radius of Metro stations via underground subways.

While MMRC will facilitate the construction of the subway, the cost has to be borne by the bidder. MMRC, which floated the EOI in November, has received 12 bids from seven developers like K Raheja Corp, DB Realty, Wadhwa, Oberoi and Indiabulls for the BKC, T2, Worli, Science Museum and Acharya Atre Chowk stations. An official from MMRC said, “We will now prepare a detailed project report for each of the underground subways.”

“The construction of an underground subway is an expensive proposition. It will be feasible for more than two developers to pool their funds for the subway. Also, as the construction is already underway, it is the right time to undertake these collaborations,” said R Ramana, executive director, MMRC.

According to MMRC’s EOI, the underground subways can cost ₹10 lakh-₹12 lakh for every metre. The cost can differ on the basis of the length and location of the subway. The developers will also be expected to pay a one-time premium and maintenance expenses to MMRC.

Jayesh Shah, president, BKC Property Owners Association, said, “Although we are yet to see the plan, it is a good proposition as it will encourage people to use public transport and ease traffic congestion in BKC.”

MMRC REACHES OUT TO CORPORATES

MMRC, which has floated an EOI for station name rights, is also reaching out to corporate firms located near stations. Station name rights refer to brand names used as a suffix or prefix to the station’s name. It is a common practice to generate non-fare revenue, even internationally. “There are many corporate offices or outlets next to the stations like Zara near Flora Fountain, Mahindra near Acharya Atre Chowk or Phoenix Mills near the Science Museum station, which can look at acquiring station name rights,” said an MMRC official.

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