MMRDA – A Growth Engine For Mumbai Real Estate

With its city development and management capacities, Mumbai Metropolitan Region Development Authority (MMRDA) has set new benchmarks in the process of urban governance. The authority also enjoys the credit of undertaking path-breaking deals owing to which, Mumbai witness a lot of real estate and infrastructure developments today.

Take, the 553-acre commercial centre called the Bandra-Kurla Complex (BKC), for instance. MMRDA developed it from a swampland, in the early 1990s which is now buzzing as an active Secondary Business District (SBD) of Mumbai.

It was only last year in 2007, the MMRDA sold some chunks of land in the complex for about Rs 2,300 crore, and even managed a real estate transaction at a whopping $7,330 per square metre.

The other major developments MMRDA boasts as its contribution in the planned development of India’s most populous city:

. MMRDA’s Rs 1,493 crore extended Mumbai Urban Infrastructure Project (MUIP) to be launched soon in the entire Mumbai Metropolitan Region (MMR) – will include developing the road network with surrounding areas in the MMR. The project put forwards Rs 380 crore for the development of four main roads on Vasai-Virar stretch, Rs 449 crore for the development of four roads in Mira-Bhayandar, Rs 604 crore for the construction of Dombivli-Bhiwandi and Dombivli-Mumbra Link Road in Thane-Dombivli and Kalyan. It also intends to construct four flyovers on the Thane-Godbundar road, one on Panvel council; three within Thane Municipal Corporation and five main roads.

. MMRDA also proposes to develop growth centres similar to the BKC in the Mumbai Metropolitan Region.

. Recently MMRDA has got the sanction from Central Railway for the Rs 600-crore skywalk project for over 50 skywalks in the city.

Taking such initiatives, the MMRDA is not only prospering the infrastructure plinth of Mumbai but is also providing the real estate developers a potential platform to operate successful businesses.

In the lead this will also help boost up the Mumbai Real Estate [!ct~4320!/Mumbai.real-estate] industry as all these developments will add on to the profile of the city, thereby attracting lot of buyer and investor interest in the times to come.