Navi Mumbai town planning authority Cidco is planning to build a coastal road to conncet Kharghar with Belapur at an estimated cost of Rs 273 crore.
The 9.5-km road will be developed in two phases and the tenders will be soon bid out, the authority said on Friday.
"Our board has already given the approval for the project, which will not just decongest the city but also become a catalyst for growth of Navi Mumbai," Cidco said in the statement.
Cidco is currently undertaking various developmental works including the under-construction Navi Mumbai international airport, metro corridors, corporate parks and mass affordable housing projects, among others.
Meanwhile, the authority has also approved the detailed project report, prepared by state-run Rites, for two metro lines-the 7.12-km Khandeshwar-Taloja MIDC corridor 2, and the 3.87-km line 3 from Pendhar to Taloja MIDC.
The authority has also proposed four more metro corridors (lines 2,3&4) to be built at a cost of Rs 2,820.20 crore, Rs 1,850.14 crore and Rs 1,270.17 crore, respectively.
"However, the DPR for line 4 from Khandeshwar to the Navi Mumbai international airport with a length of 4.17 km is kept on hold and decision on the same will be taken on a timely basis," it said.
The authority further said the work on the 11-km line 1 connecting Belapur to Pendhar is in full swing and will be completed as per schedule.
As per approved funding pattern for metro lines 2 & 3, the special purpose vehicles that will be set up for the projects, will receive 20 percent funding share each from Central and state governments with the balance 60 percent being borne by Cidco.However, for metro line 3, balance funding will be shared by MIDC along with Cidco on a proportionate basis.