The primary aim of the study was to identify the risks involved in the “Line-III” of the metro project in Mumbai. A comprehensive evaluation was done based on a literature review of similar projects, government reports and finally site visit including a comprehensive interview of several teams. Some of the biggest risks include land acquisition, seasonal problems (monsoon), the safety of nearby buildings, manpower allocation. Thorough analysis and interview helped in identifying sixteen risks in total and then they were subjected to Risk Break Down structure where each of the risks was categorized and its impact and likelihood were determined. Then all of the identified risks were subjected to Impact- Likelihood matrix and risk register were developed. Primarily four risks i.e Clearance from nearby buildings (PAP), Geological Changes in specific radius of the project, Drainage/ Waterlogging, Fire hazard were lying in the red zone of the matrix which suggests that these were the risk that needs proper mitigating strategies first followed by other risks. Diamond analysis of the project based on interviews showed in terms of “novelty” the project could be termed “platform” as new technology like NATBM (New Australian Tunnel Boring Machine) was used but no radical technology was used in the project, in terms of “technology” it was “high-tech”, in terms of “complexity” it could be termed as “systems” as the project involved unique challenges which were resolved by some adaptive approaches, for “pace” the project was “time-critical” as any delay in the overall completion of the project would have resulted in overall increase in cost. Interviews were taken first to identify the risks associated with the project and then to find out the quantitative nature of each question. Thematic analysis of the interview was done and eight prominent themes were identified and then they were subjected to analysis. Scale wise analysis of the questions was done to quantify the qualitative approach of interviews. Overall the project was an innovative one where several risks were involved and there were properly mitigated/ transferred. New technology was used to overcome the unique risks associated with the underground tunneling process. Safety was given top priority in the site as well as the execution approaches used in the project.