Initially pegged at Rs 120 crore, the cost of the project is now expected to exceed Rs 245 crore. (File Photo) The Union Railway Ministry has granted in-principle approval for the construction of a new suburban railway station between Thane and Mulund. Union Railway Minister Ashwini Vaishnaw conveyed the approval in a letter to Maharashtra Chief Minister Devendra Fadnavis . The CM took to social media, claiming that the proposed station would make transportation in the Mumbai Metropolitan Region more efficient and dynamic. The new station is expected to cater to commuters from Ghodbunder, Pokhran Road and the Wagle Estate area. As per official estimates, it could reduce footfall at Thane and Mulund stations by 31% and 24%, respectively. With Thane station currently handling over six lakh passengers daily, the project is aimed at easing congestion at one of the region’s busiest transit hubs.…