Naik said the plan was to be executed last year, but due to the unexpected fall in the real estate prices in the metropolis, the entire project had to be re-examined. ``But it should not be difficult for us to implement the plan as even at lower rates sufficient funds will be generated through commercial utilisation of the land, " he pointed out.

On the delay in setting up the Mumbai Rail Vikas Corporation (MRVC), Naik admitted that though initially there was adelay, the corporation would come into existence immediately after the on-going budget session of the Parliament. ``We signed the Memorandum of Understanding (MoU) with the state government last year, however, since no budgetary provision was made, the corporation could not be set up. Now, both the Centre as well as the state government have set aside Rs 12.50 crore each and as such, the corporation will start functioning latest by the first week of May,'' he said.

Ever since his election to the Parliament, Naik has been in the forefront of the demand to set up an autonomous rail corporation for the metropolis.

Naik's contention all along has been that since more than 60 lakh commuters travel on the suburban network every day, an autonomous corporation was necessary to tackle their problems.

Replying to a question, Naik said since all the conditions prescribed by the World Bank have been fulfilled, now it should not be difficult to receive financial assistance for the Mumbai Urban Transport Project -II.

``We are hopeful that the World Bank will release the necessary financial assistance for the much delayed project. In the event of World Bank refusing to oblige, we on our own can start the project as we have made necessary budgetary provisions,'' Naik added.

The main condition of the World Bank was that the state government should set up an autonomous rehabilitation corporation for the resettlement of slumdwellers displaced by the project. ``The state government has already set up the corporation and as such now there should be no difficulty in securing financial assistance from the World Bank,'' he said.

On setting up of a separate railway commissionerate for Central and Western railways, Naik blamed the alliance shiv Sena-BJP government for delay in submitting the proposal. ``I personally took up the matter with the state government. Accordingly, an official proposal was received by the Railway Board on March 30. I think, the commissionerate with a jurisdiction from the Chhatrapati ShivajiTerminus to Kasara-Karjat on the Central Line and Churchgate to Dahanu-Dholwad-Udwah on the Western Line will come into existence by the first week of May,'' Naik stated.