Tag: MMRDA

IndustryLatest Stories

RMZ Plans $30 Billion Investment in Mumbai Region Over 10 Years

NEW DELHI: RMZ has announced an investment collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA) and the City & Industrial Development Corporation of Maharashtra (CIDCO) at the World Economic Forum (WEF) in Davos. The company aims to mobilize investments totaling up to USD 30 billion in the Mumbai Metropolitan Region (MMR) over the next decade, potentially creating around three lakh direct and indirect jobs throughout the project lifecycle. RMZ will lead the investment structuring and capital mobilization efforts, along with master planning, development, and long-term asset management. MMRDA will assist in land identification and aggregation. Additionally, the company plans…

Latest StoriesResidential

Maharashtra: Just 25% of Slum Rehab Goal Achieved in 3 Years

Representative AI image MUMBAI: With less than two months remaining, the state government has achieved only 25% of its goal to construct 1.5 lakh slum rehabilitation tenements for the period 2022-2025. As of September, 37,560 tenements have been completed and occupied, according to officials from the Slum Rehabilitation Authority (SRA). The sluggish construction pace jeopardizes the aim of building over 5 lakh houses by 2030. In 2022, the government identified 517 stalled slum rehabilitation projects. Of these, 45 projects received backing from financial institutions, and new builders were appointed for 21 of them. Decisions for the remaining projects are still…

Latest StoriesResidential

Ramabai Nagar Redevelopment in Mumbai Starts October 14

Sure! Here’s a rewritten version of your content: MUMBAI: The long-awaited redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar is set to commence with the bhoomi pujan (groundbreaking ceremony) for Phase I scheduled for Tuesday, October 14. The ₹8,498 crore mega project, being executed by the Mumbai Metropolitan Region Development Authority (MMRDA) alongside the Slum Rehabilitation Authority (SRA), aims to transform a sprawling 31.8-hectare area into a well-planned housing community featuring over 17,000 homes along with essential civic facilities. In the initial phase, construction firm B G Shirke has been awarded the contract to build 4,345 tenements at…

CommercialLatest Stories

Maharashtra to open 16-acre Worli Dairy land for commerce

Representative AI image The Maharashtra government plans to transform the sea-facing Worli Dairy land, approximately 16 acres in central Mumbai, into a commercial zone, changing its previous designation as a site for a marine research institute, aquarium, and exhibition center. The Urban Development Department has issued a notification under Section 37(1AA) of the Maharashtra Regional & Town Planning Act, 1966, inviting public objections and suggestions within a month. The Worli division plot was initially marked as ‘dairy’ in the Development Plan 2034 and zoned for residential use. In 2021, the government updated its designation to include ‘marine research institute, aquarium,…

InfrastructureLatest Stories

Trial Run for Metro Lines 4 and 4A in Thane: Faster Travel Ahead

THANE: On Monday, the trial run for Phase I of Metro Lines 4 and 4A took place in Thane, Maharashtra. Chief Minister Devendra Fadnavis highlighted that this project will significantly decrease travel times across the Mumbai Metropolitan Region. Fadnavis, accompanied by Deputy Chief Minister Eknath Shinde and state Transport Minister Pratap Sarnaik, rode the Metro along a 4-km stretch from Gaimukh junction to Vijay Garden. In a statement to reporters, Fadnavis noted, “We aim to complete this Metro route by the end of next year. While some work may extend into the subsequent year, this will ultimately constitute the largest…

CommercialLatest Stories

Mumbai: Wadala CBD Auction Soon as BKC Saturates

Representative AI image MUMBAI: With the land bank in BKC now fully sold, the MMRDA is set to initiate the auction of plots in Wadala, the city’s upcoming third central business district (CBD), spanning 156 hectares. MMRDA Commissioner Sanjay Mukherjee informed TOI that the auction process will kick off within the next two months. “Wadala’s development has been incorporated into the economic master plan jointly created by Niti Aayog and MMRDA. MMRDA is proceeding with the development of Wadala, expected to commence in the next two to three months,” he stated. To sustain the upward trend in real estate prices,…

InfrastructureLatest Stories

Maharashtra Govt Approves Loan Guarantee for Six Metro Projects

MUMBAI: The Maharashtra government has approved a loan guarantee for six Metro projects managed by the Mumbai Metropolitan Region Development Authority (MMRDA), securing continued funding from international financial institutions for ongoing construction. The projects include Metro Lines 5 (Thane-Bhiwandi-Kalyan), 6 (Swami Samarth Nagar-Vikhroli), 9 (Dahisar East-Mira Bhayandar), 10 (Gaimukh-Shivaji Chowk, Mira Road), 11 (Wadala-CSMT), and a 3.3-km underground extension of Metro Line 7 from Gundavali to the international airport via Marol. Many of these projects are either under construction or in advanced planning stages, necessitating significant investment due to their complex elevated and underground structures. This proposal received approval during…

IndustryLatest Stories

NPCI Buys Prime BKC Land from MMRDA for ₹829 Crore HQ

Representative image created by AI The National Payments Corporation of India (NPCI) has acquired a prime land parcel in Mumbai’s Bandra-Kurla Complex (BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA) for ₹829.43 crore to establish its headquarters. Finalized on June 18, the transaction grants NPCI an 80-year lease on two amalgamated plots in G-Block, covering nearly 1.5 acres with a permissible built-up area of approximately 2.59 lakh sq ft. This deal is one of the significant land transactions in BKC and is expected to impact the area’s real estate landscape, notably regarding future pricing trends and development strategies. NPCI…