Mumbai has run out of room to grow the way it once did. Land is limited. Property prices are high. And the pressure on roads, housing and infrastructure keeps rising.
Ratanghayra made a similar point. Land acquisition is also moving ahead. This will be one of the most important parts of the project.
The MMRDA has also secured a proposed $12 billion investment commitment from Brookfield covering areas such as real estate, transit-oriented development, logistics parks, data centres and GCCs. MMRDA has offered landowners in the 124 villages different compensation routes, including monetary compensation, development rights and land pooling.
Raj said the combination of Atal Setu, Navi Mumbai International Airport and emerging multimodal corridors could create opportunities across residential, commercial and investment markets . “Such large-scale and infrastructure-driven development can offer new micro-markets, create employment opportunities, and generate housing needs, commercial needs and allied services demands,” he said. He said investment needs to translate into a well-planned urban ecosystem, with multimodal connectivity, social infrastructure, green spaces and mixed-use neighbourhoods developing alongside commercial and residential projects.
