The 17.17-km bridge is to be constructed by a joint venture between Reliance Infrastructure and Italy's Astaldi.
The cost for constructing Mumbai’s second sea-link, the Bandra-Versova sea-link (BVSL), is set to rise to slightly over 60% to Rs 11,332.81 crore by the time it is completed in 2023.
While the total cost of the project was estimated at about Rs 7,000 crore in 2016, the cost of construction at that time was pegged at Rs 5,516 crore which has since escalated to Rs 6,994 crore.
The 17.17-km bridge (including three connectors at Bandra, Juhu and Versova) is to be constructed by a joint venture between Reliance Infrastructure and Italy’s Astaldi. Work on it is set to commence from October this year. The length of the sea-link from Bandra to Versova is 9.6 km.
Radheshyam Mopalwar, vice chairman, Maharashtra State Road Development Corporation (MSRDC), said a loan of about `5,000 crore has already been tied up from a clutch of Indian banks.
“Without the finance, we would not have been able to give the work order. MSRDC will put in its own equity of about `1,500 crore. Along with the loan, this will take care of the construction cost over the next five years,” he added.
Mopalwar estimates about 60,000-70,000 vehicles will use the sea-link daily from the first year onward. The toll rates will be based on the actual distance travelled, and there will be two toll booths on the 9.6-km stretch. Mopalwar indicated the rates will be as per the state’s toll policy.
“As the Bandra Versova sea link is roughly thrice as long as the Bandra Worli sea link, you can expect the the toll rates also to be thrice as much. The tolling period is till 2052,” he said.
At present, passenger cars pay `70 for a one-way trip on the 5.6-km long Bandra Worli sea link while minibuses and light commercial vehicles pay `110. Less than 40,000 vehicles per day used the Bandra Worli sea link in FY18, versus an estimate of about 100,000 vehicles daily.
It takes about an hour to travel the distance between Bandra and Versova at present. The new sea link proposes to cut this down to just 9 minutes. Together with the Bandra Worli sea link, one can expect to commute between Worli and Versova in just 15 minutes, down from about 2 hours at present.
The MSRDC also has a plan to connect Versova to the Mumbai-Ahmedabad expressway at a later date.