For funds, Mumbai Metro eyes real estate bonanza in Aarey

A car depot for the Metro III project is not the only construction planned inside the eco-sensitive Aarey Colony.

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MUMBAI: A car depot for the Metro III project is not the only construction planned inside the eco-sensitive Aarey Colony.

Around 8.6 acres of the 81 acres reserved for the depot are to be used for “real estate development”. The Mumbai Metro Rail Corporation (MMRC), executing the Rs 23,136 crore project, has asked the state government to permit a floor space index (FSI) of 3 to commercially exploit this plot inside the green lung.

If the government sanctions this unusually high FSI, property experts said builders will be able to construct around 15 lakh sq ft worth over Rs 2,000 crore on this 8.6 acre parcel. Documents procured under the Right to Information Act (RTI) by activist Zoru Bhatena reveal the MMRC wrote to the state urban development department over a year ago.

Around 8.6 acres of the 81 acres reserved for the metro car shed are to be used for “real estate development.”

The Mumbai Metro Rail Corporation (MMRC), executing the Rs 23,136 crore project, has asked the state government to permit a floor space index (FSI) of 3 to commercially exploit this plot inside the green lung. More info

By | TNN

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