The proposed Virar-Panvel railway corridor has caught the attention of the World Bank, with officials from the bank showing a keen interest in the project.
The proposed new line comes under the Mumbai Urban Transport Project (MUTP) 3A, which is being executed by the Mumbai Rail Vikas Corporation (MRVC). Sources said the bank would like the proposed corridor to be added to the projects under MUTP 3, for which MRVC has approached the World Bank for funding.
A senior MRVC official said, “Talks for funding of projects under MUTP 3 are at an advanced stage. They showed interest in the Panvel-Virar corridor saying it will facilitate development of the region and improve connectivity in the city.”
Sources said the loan amount being negotiated for MUTP 3 is $1.2 billion, which would include the Virar-Panvel suburban railway corridor. The World Bank has also asked the MRVC to expedite work on the project.
Officials said the proposal to get funding from the bank has been forwarded to the Department of Economic Affairs. The detailed project report for MUTP 3A is with the Railway Board. The railway line connecting Virar and Panvel is used mostly by long-distance passenger trains or freight trains.
Railway officials say the proposed corridor is crucial as it will bring areas such as Bhiwandi into the Mumbai suburban network. The corridor will connect the Western, Central and Harbour lines. The 70-km line will have an elevated section of around 16 km.
The proposed final cost of the project is pegged at ₹7,184 crore, and it is slated to be completed by 2022-23.