'Third Mumbai' project gets ₹4,000cr boost
Big news for Mumbai: the state government has greenlit a massive new urban project called "Third Mumbai," covering over 320 square kilometers.
The plan, led by MMRDA, aims to take pressure off crowded Mumbai by developing areas around Atal Setu.
A key part of the policy is giving back 22.5% of developed land to original owners or offering cash if their plot is really small.
MMRDA's new policy for land development
With a ₹4,000 crore budget, this project will boost development in the Karnala-Sai-Chirner region and open doors for foreign investors:
up to 25% of the developed area may be allotted for FDI projects; eligible investors must acquire a minimum of 100 acres and invest at least ₹250 crore per 100 acres within 4 years, excluding land cost.
Industries get some flexibility too: the cost of land acquisition, compensation and infrastructure development will be recovered from industry allottees in installments, with a 15% establishment charge levied by MMRDA.
A high-level committee will keep things on track, aiming to attract global investment and create more space for everyone.