The MMRDA has inked a memorandum of understanding with financial intermediary for infrastructure, Infrastructure Development Finance Company (IDFC), which would now work out the alignment and financial model for the 9.25 km corridor.

“An MoU has been signed with IDFC. Now they are expected to suggest an alignment and its financial model for the monorail,” said Milind Mhaiskar, Additional Metropolitan Commissioner, MMRDA. According to MMRDA officials, this project will address the growing demands of a better transportation service in the business district. The monorail route would cover Kalanagar-Diamond Bourse-Bandra station (East).

Monorail is an urban transport system where the cars or rolling stocks move on a single beam in an elevated corridor. The Monorail is a quiet system with sleek exteriors, and air-conditioned cars, adding to commuter comfort.

Mhaiskar added that presently there are three-four alignments being studied by the IDFC. One alignment suggested monorail coming in from Kalanagar junction, going to G-Block from behind the MMRDA headquarters, while in another suggestion, the alignment is from the south side to NSE building to G-Block.

 “The scope of work for IDFC includes appointment of consultants for a feasibility study on the final alignment,” Mhaiskar said.

Meanwhile, the IDFC will also workout the finance for the monorail corridor. Estimated at a cost of Rs 1,125 crore, the monorail could be taken up on public-private partnership model or opt a similar model as for the first monorail from Jacob Circle to Chembur via Wadala.

“The IDFC will present MMRDA the financial model to take up the project; it could be on PPP basis with viability gap fund or on the lines of the first monorail financial model,” Mhaiskar said. A consortium of Larsen & Toubro and Malaysian giant Scomi bagged the Rs 2,460-crore order to construct the country’s first monorail of 20 km passing through city’s dense stretch.  

According to MMRDA officials, the project would be carried out in two phases and the MMRDA aims to complete it in three years. The first stretch from Kala Nagar to Bharat Diamond Bourse is expected to be completed in 18 months after getting a go-ahead.