Maharashtra Chief Minister, Prithviraj Chavan, laid the foundation stone for the Colaba-Bandra-Seepz underground metro corridor on Tuesday.

The Rs 23,136 crore metro project is being implemented by Mumbai Metro Rail Corporation (MMRC) on an engineering, procurement and construction (EPC) model.

The 32.5 km underground metro corridor will comprise 27 stations, of which all, barring the Aarey Colony station in Goregoan, will be underground stations.

The government has signed a loan agreement with Japan International Cooperation Agency (JICA), which will provide nearly 57 per cent of the total cost of the project or Rs 13,235 crore.

The Centre and Maharashtra government will equally contribute to the remaining cost of the project, out of which Rs 777 crore will be borne by the Mumbai International Airport, since the metro will pass through the airport areas.

The Colaba-Bandra-Seepz metro corridor is expected to be completed by FY20.

The Mumbai Metropolitan Region Development Authority (MMRDA) has also proposed a 40 km Dahisar-Bandra-Mankhurd metro line.

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