Real Estate News

Metro to raise Rs 1,000cr from 3ha JVLR plot

The Mumbai Metro Rail Corporation Ltd (MMRCL) expects to raise around Rs 1,000 crore for the Colaba-Bandra-Seepz underground Metro III corridor by selling a 3 hectare JVLR plot .Initially, the Metro III corridor was pegged at Rs 23,136 crore, but now, the cost is expected to increase substantially as the cost of civil works contract, which were awarded on July 5 for Rs 18,115 crore, has jumped by over 25% as compared to the estimates. The Japan International Cooperation Agency will provide 57% of the overall cost or Rs 13,235 crore. The Centre and the state will provide equity of Rs 2,403 crore each and the Mumbai International Airport Limited will contribute Rs 777cr.sing Bank (NHB), the regulator of housing finance companies (HFCs), said it has come to its notice that some HFCs are making such upfront disbursals. Some HFCs have also approved certain projects for the advance disbursement facility. Source: The Times of India, July 7, 2016, Mumbai << Back