Ending over three months of hectic negotiations with the Mumbai Metropolitan Region Development Authority (MMRDA), a consortium led by Anil Ambani’s Reliance Energy Ltd on Wednesday submitted a figure of Rs 650 crore that it desires from the state government as the viability gap funding to build the first leg of the long-awaited Mumbai Metro—the 15-km Versova-Andheri-Ghatkopar line.

‘‘This figure meets our estimates,’’ said MMRDA Commissioner Chandra Shekhar.

For Reliance, the figure—the state is slated to accept it after a formal okay by the MMRDA board headed by Chief Minister Vilasrao Deshmukh—is a major climbdown from its original bid in January.

Then, it had quoted a figure of Rs 1,251 crore in its overall project cost of Rs 2,351 crore. The MMRDA had termed the figures ‘‘exorbitant’’, leading to protracted negotiations.Wednesday’s agreement finally opens the door to starting actual work on the long-overdue Metro, a rail network that has been contemplated since the 1970s, but never acted upon.

‘‘The line will be a boon for commuters of the area. With this agreement reached, we can turn our attention towards implementation plans for the second line from Colaba to Charkop,’’ said Shekhar.