Mumbai Metro Line 3

SITE
INTRODUCTION
MUMBAI METRO LINE 03, PACKAGE -05.
GROUP 4
KENIL BHIMANI, UC0315
AASHIR KHAN, UC1615
M AYA N K J A I N , U C 2 5 1 5
OVERVIEW
Mumbai is the capital of The main objective of the

Maharashtra, one of the most The existing Mumbai Suburban Mumbai Metro is to provide
economically developed states of Railway carries over 7 million mass rapid transit services to
India. It is among the largest cities passengers per day and is people within an approach
in the world, with a total supplemented by the Brihanmumbai distance of between 1 and
metropolitan area population of Electric Supply and Transport (BEST) 2 kilometres, and to serve the
over 20 million as of 2011, and a bus system, which provides feeder areas not connected by the
population growth rate of around services to station-going passengers existing Suburban Rail
2% per annum. to allow them to complete their network.
journeys.
04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 2

MUMBAI METRO
• The Mumbai Metro is a rapid transit system serving

the city of Mumbai, Maharashtra, and the
wider metropolitan region. The system is designed to
reduce traffic congestion in the city and supplement
the overcrowded Mumbai Suburban Railway network.
• When completed, the core system will comprise eight

high-capacity metro railway lines, spanning a total of
272 kilometres (24% underground, 76% elevated).

MUMBAI METRO LINE-03
• This corridor is almost entirely built underground, and is
33.50 km (20.82 mi) long, with 27 stations. The metro line
will connect the Cuffe Parade business district in the
south of Mumbai with SEEPZ and Aarey in the north.
• The cost of this corridor is estimated at ₹231.36 CHAINAGES

billion (US$3.22 billion). The original deadline for the
Santacruz
project was 2016, but it is currently expected to be
completed only by Dec 2021.
1009m
• 57% of the funds needed for this project are being
sourced as multilateral debt from JICA. Vidyanagri
Property
Stakeholder ASIDE 1810m
developm
contribution… funding /
ent and
MMRDA BKC
impact fee
grant
Sub4%
debt
3%
by Centre 1241m
5%
Sub debt Dharavi
by State JICA loan
7% 57%
Equity by
MMRC Expected Cost- 23,136 crore
and StateEquity by Expected Daily Ridership- 17 Lakh
10% Centre
11% Cost Break-down of the Project Rolling Stock- Alstom

Consultants and their tasks:
• Pre-Tender Consultants: They were appointed by MMRC for preparing basic drawings and details
pertaining to the tender. They provided site layouts and basic plans for stations and the chainages of
tunnels.
• General Consultant: Maple

Maple is a Joint venture between 4 companies [AECOM, Padeco, LBG (France), EGIS(USA)]. They are
appointed by MMRC to overlook the construction, and design for the project. All the drawings produced
by the companies are reviewed by MAPLE and only after their approval the drawings are supposed to be
sent to site.

CONTRACTORS MMRC
CLIENT
MAPLE
CONSULTANT
L&T STEC HCC- OJOC DOGUS- CEC-ITD- J.Kumar- J.Kumar- L&T STEC
(JV) (JV) SOMA TATA CRTG (JV) CRTG (JV) (JV)
CBS_UGC_01 CBS_UGC_02 CBS_UGC_03 CBS_UGC_04 CBS_UGC_05 CBS_UGC_06 CBS_UGC_07
Scope of Work
The UGC-05 package of Mumbai Metro Rail Corporation Ltd. Consists of Design and Construction of Underground
Stations at Dharavi, BKC, Vidyanagri, Santacruz and associated tunnels. This package starts from Station Dharavi, Mumbai
and ends at Mid-ventilation shaft at Agreepada.
Contract Period: 18th July 2016 to 21st Jan 2021 (1638 Days)
Tunnel Length: 3724 x 2= 7448 meters Qualified CEC-ITD- Dogus- J.Kumar- L&T- STEC HCC-OJSC
Contract value: ₹ 28,177,299,998 /- Bidder TATA SOMA China Rail Moscow
Group
UCG_01 3712.12 3350.26 3606.06
UCG_02 2919.78 3418.89 3088.23 2713.90
UCG_03 3194.29 2720.14 3531.19
UCG_04 3000.89 3057.04 3375.22 3213.01
UCG_05 3088.23 2988.41 3425.13 3418.89
UCG_06 2302.14 2489.30 2245.99 2639.03 2420.67
UCG_07 2757.57 2552.94

Site Layout (Part-1)
N
CSIA STATION
(Package 06)
MID-
VENTILLATI
ON SHAFT

Site Layout (Part-2) N
MITHI
RIVER
BANDRA-KURLA
COMPLEX
STATION

Station Details SANTACRUZ STATION
Sr. No. Description Unit Details
Mid-Ventilation 1 Station Length m 252.60
Shaft at Agreepada 2 Station Width m 17.85
3 Station Depth M 21.34
4 Entrances & Subways Nos. 4
5 Ancillary Buildings Nos. 1
VIDYANAGRI STATION
1 Station Length m 251.60
2 Station Width m 22.80
BKC STATION
DHARAVI STATION

BKC Station Plan N

BKC Station Section

BKC Station Section

Santacruz Station Plan (Platform level)
N

Santacruz Station Section

Project Revenue Graph

Planned Progress Vs Actual Progress Graph

Work Breakdown Structure

VARIATION AND
CLAIM
MANAGEMENT
AASHIR KHAN
UC1616
Claims on Site
Variations as per the Contract
Payment Schedules
Case Study-1
Case Study-2
Case Study-3
CONTENTS OF THE PRESENTATION

Claims on Site
Sr. No. Claim Description Sr. No. Claim Description
1 Change in station Size at all stations 14 Escalation (Steel long) in INR
Contract boundary at UG6 & UG 7- T2 EXTENDED Escalation (USD)
2 15
PORTION
Santacruz NATM (increase in NATM tunnel length) Royalty {additional amount paid to "District Mineral
3 16
(East and West)- Foundation Suburban District"} - Rs. 6,74,89,003/-
Copper Vs Aluminium and other uniformity Uncharted Utility
4 17
conditions- MEP Variation
Modification to BKC Station box interface with line Use of Dissolved Acetylene cylinder (DA) in place of LPG ,
2B ITO Maintenance of Transplanted Trees, Sink Holes
5 18
(unforeseen conditions), TBM idling , Demolition and
reconstruction of Police Chowki under vakola flyover
6 Employer's Site Accommodation 19 Design (K0- Factor)
7 Provision of Backup control center in BKC 20 One strut failure condition for struts and walers
8 NOT PROVIDED 21 Additional traffic marshal and material provided to MTP
9 NOT PROVIDED 22 Additional Grout Pump
NOT PROVIDED Increase in reinforcement quantity due to change in
10 23
spacing from 110mm to 140mm in Base Slab .
11 NOT PROVIDED 23 Hold Payments from AIPC
12 Service tax 25 3% ( For remaining works)
13 GST 26 Negative payment on Non - uniform Billing Schedule
*Note: The claimed amount was strictly kept confidential by the Client & Contractor and were not disclosed to the students.

Payment Schedules
The Pricing Documents comprise Price Centre “A”,
which represents Preliminaries and General
Requirements associated with Price Centres B to K
inclusive, and Price Centres “B, C, D, E, F, G, H, I,J
and K”, which represent a series of work activities
comprising a complete component when
constructed.
The overall cost for the design, procurement, and

delivery of the Tunnel Boring Machines is to be
shared equally between the Price Centers for the
tunnel sections.
Price Centre “L” represents the

diversion/relocation of charted/uncharted utilities
and shall also include all such costs related to
Preliminaries, management and coordination, etc.
for such utilities.

Payment Schedules
 The lumpsum amount quoted by the
contractor has been divided into definite
percentages according to the abstract
included in the contract.
 These percentages sum up to be 100% for

each price centre. (From A to L).

Variations as per contract
CLAUSE
NO.
CLAUSE DESCRIPTION
13.1 RIGHT TO VARY 13.1.1 Variations may be initiated by the Engineer at any time prior to issuing the
Taking-Over Certificate for the Works, either by an instruction or by a request for the
Contractor to submit a proposal. A Variation shall not comprise the omission of any
work which is to be carried out by others.
13.1.2 The lump sum items included in the Pricing Document shall not be eligible for
revision.
13.1.3 In case the Engineer introduces an item for which the Contract does not
contain any rates or prices applicable to the varied Works, the rate of such items shall
be derived, wherever possible, from the rate for similar items as submitted by the
Contractor under Sub-Clause 13.3.
13.1.4 In the event of the Contractor’s disagreement in respect of any new or revised
rates, the Engineer shall fix such rates or prices as appropriate and shall notify the
Contractor accordingly, with a copy to the Employer.
13.1.5 Until such time as such rate(s) are agreed or fixed, the Engineer, after
consultation with the Employer, shall determine the provisional rate(s) to enable
Interim Payment Certificates to be issued by the Engineer.
13.1.6 The Contractor shall execute and be bound by each Variation, unless the
Contractor promptly gives notice to the Engineer stating (with supporting particulars)
that: (i) the Contractor cannot readily obtain the Goods required for the Variation, (ii)
it will reduce the safety or suitability of the Works, or (iii) it will have an adverse
impact on the achievement of the Schedule of Guarantees.

CLAUSE
NO. CLAUSE DESCRIPTION
13.3 VARIATION A Variation shall be requested and implemented in accordance with and subject to, the
Conditions of
PROCEDURE following provisions:
(a) within 14 days (or such other period as the Engineer may allow) of the Engineer informing
contract - the Contractor in writing of the intention to request a Variation, the Contractor shall notify
the Engineer in writing whether in his opinion the Variation would, if ordered:
fidic (Y) + PCC (i) give rise to any entitlement to an extension of time; or (ii) affect the achievement of any
Items of Payment; or (iii) give rise to any entitlement to additional payment; or (iv) affect the
guarantees of the Contractor set out in Sub-Clause 4.2 of the Particular Conditions of
Contract, and shall submit his proposals for the Engineer’s evaluation.
If the Engineer requests a proposal, prior to instructing a Variation, the Contractor shall
respond in writing as soon as practicable, either by giving reasons why he cannot comply (if
this is the case) or by submitting:
(a) a description of the proposed design and/or work to be performed and a programme for
its execution,
(b) the Contractor’s proposal for any necessary modifications to the programme according to
Sub-Clause 8.3 [Programme] and to the Time for Completion, and
(c) the Contractor’s proposal for adjustment to the Contract Price.
The Engineer shall, as soon as practicable after receiving such proposal (under Sub-Clause
13.2 [Value Engineering] or otherwise), respond with approval, disapproval or comments.
The Contractor shall not delay any work whilst awaiting a response.
Each instruction to execute a Variation, with any requirements for the recording of Costs,
shall be issued by the Engineer to the Contractor, who shall acknowledge receipt.

CLAUSE
NO. CLAUSE DESCRIPTION
13.9 PRICE CENTRES 13.9.1 It has to be ensured that the whole of the Works (except items included in
Schedule of Provisional Sums) have been covered by the Price Centres and the Items
of Payment included in each Price Centre. In order to meet the Employer’s
Requirements, and if it becomes necessary during the course of execution, to add
another Price Centre or to add more Items of Payment in the Price Centre, the Lump
Sum Contract Price of the whole of Works, shall remain unaltered, shall be
redistributed amongst the affected Price Centres and further redistributed under the
Items of Payment in each Price Centre.
13.9.2 Other than for Sub-Clause 13.8 [Adjustments for Changes in Cost], the liability
of the Employer will be limited to the fixed Lump Sum Contract Price already
accepted and the Contractor will have no right to claim anything over and above the
Lump Sum price for any such addition of Price Centre or Items of Payment in any
Price Centre.

Case study
ADDITIONAL WORK DUE TO INCREASE IN WORK OF
NATM AT SANTACRUZ STATION.
22 ND MAY 2019

SATACRUZ STATION PLAN
SATACRUZ STATION SECTION

NATM SECTION

ORIGINAL SCOPE OF NATM WORKS

INCREASED SCOPE OF
NATM WORKS

SATACRUZ STATION TBM TUNNELING FROM SANTACRUZ TO VIDYANAGRI

SANTACRUZ STATION (ARCHI + E&M)
NATM TUNNELS

VARIATION CALCULATIONS
According to the calculated price as per the approved price by both the parties at the time of tendering. (Price center E- 2.11 & 2.13) the implicating
amount is Rs 37,14,73,516.29/- after reducing the cost of tunneling through TBM.

Case study
VARIATION IN CHANGE OF K O (COEFFICIENT OF
EARTH PRESSURE AT REST) VALUE.
3 RD NOV 2018

CLAIM INTRODUCTION
In correspondence to the instruction given by Client to the JV Contractors to consider K0

(Coefficient of earth pressure at rest) value 0.5 where there is rocky strata in the entire
package. This was much higher than the requirement. Hence, the contractor raised a claim
for the increased scope of work for all 4 stations.
The scope of the Design Report was to examine the effect of coefficient of lateral earth
pressure in the amount of reinforcement. The analysis to be taken into Santacruz Station
and Vidyanagri Station. Thus, 2 scenarios have been developed.
• Scenario (n.1) the geotechnical parameter of competent rock is estimated as K0=0.50.
• Scenario (n.1) the geotechnical parameter of competent rock is estimated as K0=0.33.
All other factors (geotechnical parameters, safety factors, loads, combinations) assumed
are equal.

VIDYANAGRI SECTION

VIDYANAGRI SECTION

REINFORCEMENT FOR
EXTERNAL WALLS
(K0=0.33)
REINFORCEMENT FOR
EXTERNAL WALLS
(K0=0.50)

INCREASE IN COST
Works Contract Tax

Case study
REQUEST FOR REIMBURSEMENT OF ADDITIONAL
COST INCURRED DUE TO CHANGES IN ROYALTY
AFTER BASE DATE.
14 TH JAN 2017

CLAIM INTRODUCTION
The Contractor had submitted the financial bid, based on the Royalty rates applicable on 14th April’15
(i.e. base date). However, the government of Maharashtra, vide its notification No. Gaukhani.
10/1012.C.R. 630/kh dated 11th May’15, has changed the rate of Royalty on ‘Ordinary Earth’.
Additionally, vide letter no. STC/DMF/1035/2016/2189 dated 05th August’16, it was ordered to pay
additional 10% of Royalty Amount to “District Mineral Foundation Mumbai Suburban District” for
Mumbai Suburban Regions.
The Contractor submits that this will result in increase in cost incurred towards Royalty, for which the
Contractor claims compensation under Clause 13.7.
CONTRACT PROVISIONS
Clause: 1.1.3.1 “Base Date” (GCC, Page No.4).
Clause: 13.7 Adjustments for Changes in Legislation. (GCC, Page No.64).

SEQUENCE OF EVENTS
According to Addendum No. 6, the latest date of submission of bid was 12th May’15. Pursuant to clause 1.1.3.1 of
14 April 2015 GC, the Base Date of project becomes 14th April’15.
11 May 2015 The rate of royalty was revised by Revenue and Forests Department vide their notification dated 11th May’15.
On 05th August’16, the Government of Maharashtra, notified for additional payment of 10% to be paid to ‘District
5 August 2016 Mineral Foundation Mumbai Suburban District’ for Development of Land in Mumbai Suburban region under
‘PradhanMantri Kshetra Kalyan Yojna’
The Contractor vide their letter no. JKC-GCC-AAO-P05-LET-170013-A00 dated 14th January’17, intimated the
14 January 2017 Engineer regarding the change in rate of royalties for excavated material, and requested for reimbursement of
additional cost incurred by the Contractor pursuant to clause 13.7 of GCC- Change in Legislature.
The Engineer vide their letter no. GCC-UGC05-LET-000818-A00 dated 16th July’18, rejected the Contractors claim
under clause 13.7 of GCC and stated that the change in Rate of Royalties for Excavated Earth comes under PCC
16 July 2018 clause 13.8.1 and suggested that as this rise in rate is not covered by the price adjustment formula, the rates shall
be deemed to include the amount to cover the contingency of such rise in costs. The Engineer also stated that
being an experienced contractor, it is deemed that contractor had considered such risk in their bid.
The Engineer vide their letter no. GCC-UGC05-LET-000818-A00 dated 16th July’18, rejected the Contractors claim
16 July 2018 under clause 13.7 of GCC and stated that the change in Rate of Royalties for Excavated Earth comes under PCC
clause 13.8.1 and suggested that as this rise in rate is not covered by the price adjustment formula, the rates shall
be deemed to include the amount to cover the contingency of such rise in costs. The Engineer also stated that
being an experienced contractor, it is deemed that contractor had considered such risk in their bid.

SEQUENCE OF EVENTS
The Contractor vide their letter no. GCC-UGC05-LET-000818-A00 dated 11th August’18, stated that clause 13.7 of
GCC takes into account any increase or decrease in cost resulting from change in the Laws of the Country or in the
11 August 2018 judicial or official governmental interpretation of such laws, made after the Base Date. Thus, change in rate of
royalty through the notification dated 11th May’15 is a change in legislature and not mere change in rate which
comes under clause 13.8.1 of PCC.
The Engineer through their letter no. GCC-UGC05-LET-000818-A01 dated 10th September’18, denied Contractor’s
interpretation of the notification and asked the Contractor to substantiate with evidence, that there has been any
10 September change in the official Government interpretation of the said Law subsequent to Contractor’s submission of Price
2018 Bid. Engineer also stated that the directive was issued only in pursuance of the provision in the existing Law on
Royalty and thus clause 13.7 of GCC is not applicable.
The Contractor in their letter no. GCC-UGC05-LET-000818-A01 dated 20th November’18, substantiated that
20 November changes in rates of royalty as per directive dated 11th May’15 is modification of existing Law on Royalty. Also
2018 Contractor submitted their financial entitlement up to 31st October’18
The Client provided the contractor with a lumpsum amount of 5 Cr. And the further settlement will be done
15 October 2018 afterwards.
VALUATION
The Contractor has submitted its additional amount incurred. The amount payable to the Claimant is works out to Rs. 6,74,89,003/-
based on the additional amount paid by Contractor towards royalty up to 25th September’19.

FINANCIAL
FEASIBILITY OF
MUMBAI METRO
LINE-3
KENIL BHIMANI
UC0315
Initial Capital
Depreciation Cost
Cost
Operational
and IDC components
Maintenance
of Project
Replacement Additional
Cost Capital Cost

Percentage Components of initial capital
cost
2% 1% 5%
2%
1. INITIAL
CAPITAL COST 9%
The basic Project cost of the 12%

metro corridor at September
2011 prices is estimated at Rs
149,701 Million. The cost of land
is estimated at Rs.15,865
Million. Of the total land cost, Rs
4,985 Million is cost of private
land and the cost of government 69%
land is estimated at Rs 10,880
Million. The total cost of project
including land cost, is estimated
at Rs 165,566 Million.
Govt Land Private Land Total cost w/o land

Taxes Central taxes State taxes
Octoroi & Insurance
MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ)

CONTRACT UG-05 04-Nov-19 46
COMPLETION COST
70000
60000
2. IDC 50000
Considering escalation factor of

5% p.a. and interest rate of
1.4%, Total completion cost 40000
including IDC works out to Rs.
216,663 Million.
30000
20000
10000
0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
COMPLETION COST LAND COST IDC

The total additional investment cost of Rs
12,390 Million will be required in the
years 2024- 25 and Rs 13032 Million in
2031.
3. Additional
Capital Cost
The additional cost in the year 2031
includes the cost of providing stabling
facilities that would be required for
additional rolling stock. These costs have
been brought to the current price level by
using a factor of 5% p.a.

it is expected that only 10% of the
equipment comprising Electrical, PWay
and Signalling & Telecom would require
replacement after 20 years.
Further, 25% of the project cost

comprising Rolling Stock and traction is
expected to have a life of 30 years after
4. which it shall be required to be replace
Replacement
Cost Duly escalated @ 5% per annum. Rs 3,734
Million have been provided in the year
2036-37 for the replacement of electrical,
p-way and signalling & telecom and
Rs 30,929 Million for the replacement of

replacement of Rolling stock, traction,
power supply etc.

(i) Staff costs
5. Operational
&
Maintenance (ii) Maintenance cost which
include expenditure towards
upkeep and maintenance of
The total O&M cost in the year
2016-17 is estimated at the system and
Rs.4,407 Million. The total O&M
cost in the year 2024-25 is
estimated at Rs 12,390 Million
(iii) energy costs

Depreciation is not considered in
FIRR calculation (not being a
cash outflow) unless a specific
depreciation reserve fund has
been provided.
6.
Depreciation
In the present calculations, the
depreciation figures are placed
for purpose of record. These are
taken @ 3.5% of the total
completion cost. cost adjusted
for land.

Revenues
1. FARE BOX REVENUE 2. ADVERTISING 3. PROPERTY

DEVELOPMENT REVENUE

A. Projected Traffic Demand:
As per CTS carried out by MMRDA for Mumbai Metropolitan Region,In the year 2017, the
ridership on the proposed Colaba- Bandra- Seepz metro system has been estimated at 10.38
lakh passenger trips per day.
B. Trip length distribution:
1. Fare box The trip length distribution has been taken on the basis of the available details on land use,
collection corridor composition and existing traffic characteristics in the catchment areas of various
sections of the corridor. Average trip length on the corridor is 12 km.
C. Fare structure:
MMRDA has proposed a fare structure for all mass transit systems in Mumbai for the year 2015
with the increase by 11% every fourth year
Delhi metro rail Corporation (DMRC) has been in metro operation for last 10 years and has
revised metro fares on regular intervals. Recently DMRC also proposed a fare structure for the
year 2016 for Phase 3 of Delhi metro with the increase of 7.5 % at the end of every two years.

1. Fare Box Collection
Passenger Trips per day (lakh) % of Passenger vs Fare Slab
18 35%
16
30%
14
12 25%
10 20%
8
15%
6
4 10%
2
5%
0
2017 2025 2031 0%
0-3 3-8 8-12 12-15 15-20 20-25 25-30 >30
Fare 0-3 3-8 8-12 12-15 15-20 20-25 25-30 30-35 >30
MMRDA
2021 12 14 18 22 27 30 33 37 41
Fare 0-2 2-4 4-6 6-9 9-12 12-15 15-18 18-21 21-24 24-27 27-31 31-35
DMRC
2021 12 14 17 22 23 25 28 30 31 34 36 39

2. Property Development
Commercial development M/s Louis Berger Group and CBRE have
recently carried out a study for MMRDA entitled “Development of
commercial complex and shopping centre at underground metro stations
on Bandra - Colaba Corridor”.
The study estimated that the underground stations have limited scope
for commercial developments due to limited demand, lower footfalls,
safety issues, high maintenance costs, poor visibility etc. Accordingly, no
major commercial development at stations has been envisaged as the
possible source of funding.

3. Advertisement
Revenues from advertisements have been
estimated at 10% of the fare box revenues
during operations.
A. Advertisement on trains and tickets,
advertisements within stations and
advertisements on other metro structures,
B. co-branding rights to corporates, film
shootings and special events on metro
premises.
C. small kiosks at the stations including those
for soft drinks, tea coffee, telecom
companies and bank ATM’s

Total Revenues
The total annual revenue, collected through the fare box and other
sources of revenue, for the study corridor based on MMRDA fares and
DMRC fares.

0 -12407
0 19151 1915
0 -13245
0 21297 2130
0 -13955
0 22032 2203
04-Nov-19
0 -14915
0 24501 2450 Additional Capital
Fare Box Revenue
0 -15744
0 25347 2535
Project Completion Cost
0 -3734 -16837 281882819
0 -17806
0 29160 2916
0 -19063
0 32428 3243
0 -20196
0 33547 3355
0 -21645
0 37307 3731
Land Cost
0 -22971
0 38594 3859
0 -24638
0 42920 4292
/
0 -26191
0 43778 4378
0 -28119
0 48003 4800
-30929 0 -29941 48963

4896
Revenue from Advt. and Property Development
0 -32172
0 53688 5369
MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05

0 -34386
0 54761 5476
O&M Cost
OPERATIONAL CASHFLOW OF THE PROJECT
0 -36752
0 60046 6005
Total Taxes
0 -39281
0 61247 6125
0 -41984
0 67157 6716
0 -44874
0 68500 6850
0 -47962
0 75110 7511
58
0 -51262
0 76613 7661
0 -54790
0 84006 8401
0 -58560
0 856868569
Revenue
from
Project
Fare Box Advt. and Additional Operation
CASHFLOW YEAR Completio Land Cost Total Taxes
n Cost
Revenue Property
Developm
O&M Cost
Capital al Surplus
STATEMENT 2012-2013 -15719 -2493 -2984 0

ent
0 -21195
2013-2014 -33009 -2493 -6266 0 0 -41900
2014-2015 -51989 -9869 0 0 -62268
2015-2016 -54589 -10363 0 0 -65798
2016-2017 -19106 -3627 0 0 -24038
2017-2018 7029 703 -4609 0 1658
2018-2019 7835 784 -4905 0 3714
2019-2020 8125 812 -5139 0 3798
2020-2021 9057 906 -5475 0 4488
2021-2022 9391 939 -5748 0 4582
2022-2023 10469 1047 -6127 0 5389
2023-2024 10855 1086 -6444 0 5497
2024-2025 12101 1210 -6876 -12390 -5955
2025-2026 12548 1255 -8152 0 5650
2026-2027 13987 1399 -8692 0 6694
2027-2028 14470 1447 -9134 0 6783
2028-2029 16091 1609 -9745 0 7956
2029-2030 16646 1665 -10260 0 8051
2030-2031 18512 1851 -10960 -8382 1022

Revenue
from
Project
Fare Box Advt. and Additional Operation
YEAR Completio Land Cost Total Taxes O&M Cost
Revenue Property Capital al Surplus
n Cost
Developm
ent
CASHFLOW 2031-2032
2032-2033
19151
21297
1915
2130
-12407
-13245
0
0
8659
10182
STATEMENT 2033-2034
2034-2035
2035-2036
22032
24501
25347
2203
2450
2535
-13955
-14915
-15744
0
0
0
10280
12037
12137
2036-2037 28188 2819 -16837 -3734 10435
2037-2038 29160 2916 -17806 0 14270
2038-2039 32428 3243 -19063 0 16608
2039-2040 33547 3355 -20196 0 16706
2040-2041 37307 3731 -21645 0 19393
2041-2042 38594 3859 -22971 0 19482
2042-2043 42920 4292 -24638 0 22574
2043-2044 43778 4378 -26191 0 21965
2044-2045 48003 4800 -28119 0 24684
2045-2046 48963 4896 -29941 -30929 -7011
2046-2047 53688 5369 -32172 0 26884
2047-2048 54761 5476 -34386 0 25851
2048-2049 60046 6005 -36752 0 29298
2049-2050 61247 6125 -39281 0 28090
2050-2051 67157 6716 -41984 0 31889
2051-2052 68500 6850 -44874 0 30476
2052-2053 75110 7511 -47962 0 34659
2053-2054 76613 7661 -51262 0 33012
2054-2055 84006 8401 -54790 0 37616
2055-2056 85686 8569 -58560 0 35694
Total -174412 -9250 0 0 369998

FIRR
The FIRR is an indicator to
measure the financial return on
investment of an income
generation project and is used to
make the investment decision.
The FIRR is obtained by equating 41900 62268 65798 24038 1465+4609

the present value of investment 21195 + + + + (1+𝑟)4 + (1+𝑟)5
(1+𝑟)1 (1+𝑟)2 (1+𝑟)3
costs ( as cash out-flows ) and
the present value of net incomes 6601 7592 7873 8163 9297
+ …….. = (1+𝑟)5 + (1+𝑟)6 + (1+𝑟)7 + (1+𝑟)8 + (1+𝑟)9 +
( as cash in-flows ). This can be
shown by the following equality. …….
R = 3.7 %

FIRR of The Project
The FIRR calculations with the projected ridership, fare box revenue and
based on both MMRDA &DMRC fare structure under various scenarios.

Sensitivity Analysis
The FIRR of the project is sensitive to revenues, capital and O&M costs.
The sensitivity of the project with respect to these factors.
FIRR SENSTIVITY ANALYSIS

Cost With Central & State Taxes Cost with Central Taxes Cost Without Any Taxes
CAPITAL COSTS
10% 20% -10% -20% 10% 20% -10% -20% 10% 20% -10% -20%
1.30% 1% 1.90% 2.20% 1.40% 1.10% 2.00% 3.00% 1.82% 1.50% 2.56% 2.40%
REVENUE
10% 20% -10% -20% 10% 20% -10% -20% 10% 20% -10% -20%
2.70% 3.70% -0.10% -2.90% 2.90% 3.90% 0.10% -2.80% 3.38% 4.36% 0.50% -2.30%
O&M COSTS
10% 20% -10% -20% 10% 20% -10% -20% 10% 20% -10% -20%
0.50% -0.90% 2.40% 3.10% 0.70% -0.07% 2.60% 3.30% 1.11% -0.31% 3.02% 3.75%

It is concluded that the project will be able to
comfortably bear the O&M cost and thus, has
Conclusion of operational sustainability.
Financial A public service project like urban mass
Feasibility of transit system require government support
for funding, which may be suitably worked
Project out and considered.

Sources of Financing
1. Equity
2. Debt:
A. JICA Loan
B. Subordinate Debt
3. Domestic Loans from Financial Institutes
4. Real estate developments
5. Stakeholder contributions

Amount (in Cr INR)
Sub Debt by
Equity by Central
Centre Govt.
11% 5%
Equity by
State
EXISTING 10%
FUNDING OF
PROJECT Sub Debt by
State Govt.
JICA loan
57% 7%
Property
ASIDE Developmen
t + Impact
Funding / Stakeholder
MMRDA Contribution Fee
Grant (MIAL)4%
3% 3%

Thank You
Group 4

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SITE

Mumbai is the capital of The main objective of the

04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 2

• The Mumbai Metro is a rapid transit system serving

• When completed, the core system will comprise eight

04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 3

• The cost of this corridor is estimated at ₹231.36 CHAINAGES

04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 4

• General Consultant: Maple

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04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 9

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04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 11

04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 12

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04-Nov-19 MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ) CONTRACT UG-05 14

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CONTENTS OF THE PRESENTATION

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The overall cost for the design, procurement, and

Price Centre “L” represents the

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 These percentages sum up to be 100% for

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SATACRUZ STATION SECTION

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In correspondence to the instruction given by Client to the JV Contractors to consider K0

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Works Contract Tax

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Clause: 1.1.3.1 “Base Date” (GCC, Page No.4).

Clause: 13.7 Adjustments for Changes in Legislation. (GCC, Page No.64).

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The basic Project cost of the 12%

Govt Land Private Land Total cost w/o land

MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ)

Considering escalation factor of

COMPLETION COST LAND COST IDC

MUMBAI METRO LINE-3 (COLABA-BANDRA-SEEPZ)