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In a significant move, the Mumbai Metropolitan Region Development Authority (MMRDA) has submitted a proposal to the state government, seeking the rights to develop an extensive land area spanning 323.44 square kilometres in Raigad district. This expansive land parcel, covering 124 villages in Uran Panvel and Pen, is slated for development under the New Town Development Authority (NTDA), led by MMRDA, drawing inspiration from the successful model of Bandra Kurla Complex.
The proposal was introduced during a recent MMRDA authority meeting, presided over by Maharashtra Chief Minister Eknath Shinde. An official indicated that once necessary permissions are granted, the development of this land can be executed in a meticulously planned manner. To pre-empt any objections from CIDCO (City and Industrial Development Corporation), MMRDA has decided to confine its development efforts to land outside CIDCO's jurisdiction, including the NAINA (Navi Mumbai Airport Influence Notified Area).
In a collaborative effort to safeguard their respective interests, MMRDA Commissioner Sanjay Mukherjee and CIDCO officials convened a meeting, resulting in a mutual agreement. The official highlighted the objective of introducing planned development in the 124 villages in Raigad district, driven by the anticipated surge in demand following the upcoming Mumbai Trans Harbour Link (MTHL) and Navi Mumbai International Airport projects. Additionally, there is a strategic aim to boost revenue streams, considering the diminishing availability of land in Bandra Kurla Complex.
Presently, MMRDA possesses 35 hectares of land valued at approximately Rs 50,000 crore. The authority has also put two land parcels in Bandra Kurla Complex up for bidding until December 22, with expectations of generating around Rs 2,900 crore from the auction. MMRDA functions as the special planning authority for Bandra Kurla Complex.
The involvement of the newly formed NTDA in developing land in Raigad district is seen as a significant expansion of the authority's portfolio, potentially fostering planned development comparable to entities like the Navi Mumbai Municipal Corporation and CIDCO, according to the official.
This strategic initiative is anticipated to create new opportunities, generate income, and contribute to recovering expenses related to mega infrastructure projects undertaken by MMRDA, including the MTHL and Metro. A substantial portion of the authority's budget is allocated to infrastructure, particularly the MTHL, constituting approximately 94% of its capital expenditure in the current fiscal year. The state government has authorized MMRDA to raise funds up to Rs 60,000 crore through loans, with a fiscal budget for 2023-24 standing at Rs 28,704.98 crore. The development of these land parcels is envisioned to yield substantial income, according to MMRDA officials, aligning with the authority's ongoing efforts and commitments. The completion of the 21.8-km MTHL bridge, linking Sewri in Mumbai to Chirle in Navi Mumbai, is eagerly anticipated by 2024.
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