The project envisages providing a direct rail transit access from all existing five corridors to the so far unserved commercial zones and providing a high capacity inner city line haul plus dispersal system with an extensive coverage.

The proposed seventh corridor will be national gauge with deep tunnelling (-25 meter) and there will be 3.36 meter air conditioned coaches with an elaborate signalling capable of installation of automatic train operation.

The project comprises continuous automatic train protection signal system, communication between driver and central control and computer-aided automatic train supervision. The island platforms will be 10 meter wide.

TCS consulting advisor PG Patankar, who was instrumental in the preparation of the original project, with an investment of Rs 7,434 crore at 1997 prices, said the cost has been updated in view of number of developments in the global capital market. He said capital resources can be mobilised at 12 per cent on the domestic market and 4.5 per cent on the international market. "This is possible in view of the existing downtrends in the world capital markets and zero exchange risk," he opined.

The project requires mobilisation of necessary funds from abroad. This would place a minimum burden on the already cash-strapped state government.

Patankar said that an external lender had already approached him with a proposal to finance the entire project at an interest rate of 4 to 5 per cent. The lender has expressed its desire to finance both the domestic and import components of the project. He said that the state government would not have to make any capital contribution but require latter's assistance to provide the requisite land free which costs Rs 386 crore.