The Brihanmumbai Municipal Corporation (BMC), which is constructing the coastal street in south Mumbai, has deposited Rs 150.33 crore funds required for the conservation of coastal and marine biodiversity as per particular situations below the Coastal Regulation Zone (CRZ) clearance.
BMC, nonetheless, has revised the full building value and decreased the relevant funds for marine biodiversity conservation by 31%.
According to CRZ clearance granted in May 2017, the civic body needed to pay 2% (Rs 254 crore) of the full value of the mission (Rs 12,721 crore) to the Mangrove Foundation — an autonomous society that assists the state govt in marine conservation — on or before graduation of labor in December 2018.
“The total project cost computed by the mangrove cell was not correct. The actual project construction cost is Rs 8,429 crore along with some additional costs taking the complete tally to around Rs 8,750 crore. So, as per CRZ condition, all approvals have been received to pay 2% (Rs 175 crore) to the Mangrove Foundation. Of this, Rs 25 crore was paid last year, and now the final fund transfer of Rs 150 crore is underway,” mentioned a senior BMC official in-charge of the mission, requesting anonymity.
Virendra Tiwari, further principal chief conservator of forest (mangrove cell) and govt director, Mangrove Foundation, mentioned, “We have received an official intimation from BMC that they have processed Rs 150.33 crore. The funds will be kept in fixed deposits as per the Foundation’s mandate. The interest earned will be utilised for improving coastal and marine biodiversity of Mumbai and Thane regions, research projects, and to build awareness among citizens.”
The 9.9-km-long street goals to attach Princess Street flyover in south Mumbai to the Worli-end of the Bandra-Worli Sea Link and reduce brief journey time between south Mumbai and western suburbs by 70%.
The submission of funds comes after a delay of two years. HT had, on November 3, reported that Tiwari had requested the atmosphere division to make sure that situations below CRZ clearance are complied with before contemplating contemporary amendments proposed by BMC.