Nariman Point Marine Drive
Img : wonderfulmumba

To harness the real estate market along the Mumbai-Pune Expressway, the Maharashtra Government is planning to set up a Central Business District (CBD) along the 94.5-kilometre long area. The proposed CBD will be home to IT parks, recreational zones and affordable housing projects.

The state govt has established Maharashtra State Road Development Corporation (MSRDC) as planning authority to carry out this project. Along with the CBD, the authority will develop over 71 villages along this stretch. MSRDC has prepared a development plan for the whole project.

According to the development plan (DP) effective between 2016 and 2041, “The CBD will be created on a land parcel of 130.45 hectare with a floor space index (FSI) of 4 and will be implemented in four phases. It will have financial and technological centres, animation, visual effects and gaming centres, and a comic park. Apart from this, it will also have an affordable housing project, which will be built on 30-hectare of land.”

The CBD will be strategically located just 27 km from proposed Navi Mumbai and 13 km away from a proposed multi-modal corridor. It is said that the MSRDC will make an investment of over Rs 12,000 crore to implement the development plan. Once the whole project will become operational it will generate revenue of over Rs 14,000 crore. These revenues will be generated via development charges, the sale of the MSRDC land and plots under its town-planning scheme and a premium on land and FSI.

Moreover, the authority has also decided to set up smart Fintech centres based on the Maharashtra FinTech Policy 2018 in the CBD to promote the whole zone.