Mumbai gets projects worth Rs 7,000 crore ………..Chittaranjan Tembhekar | TNN
Mumbai: The state government on Wednesday created a record of sorts by clearing infrastructure projects worth Rs 7,000 crore for Mumbai at one go and expects to generate 10 times as much revenue by exploiting its land for commercial and residential purposes.
It cleared an enhanced floor space index (FSI) of 4 for land plots owned by the Mumbai Metropolitan Region Development Authority (MMRDA) at its business growth centres like the Bandra Kurla Complex, Oshiwara, Kanjurmarg, Wadala and Vasai.
At a marathon meeting chaired by chief minister Vilasrao Deshmukh at Mantralaya on Wednesday, the 22-km Nhava-Sewri sealink, the new Vashi creek bridge, two modular steel flyovers at the Worli-end of the Bandra-Worli sea link and two new roads, one between BKC and the Eastern Express Highway passing over Mithi, and another between NCPA and Jagannath Bhonsle Marg in south Mumbai, were approved.
The revenue from selling MMRDA land with hiked FSI is expected to fetch the government Rs 70,000 crore over the next decade. At present, the MMRDA has Rs 12,000 crore in its kitty.
Later, MMRDA commissioner Ratnakar Gaikwad said that the authority would pay Rs 2,000 crore upfront for the construction of the Nhava-Sewri sealink (Mumbai Trans Harbour Link or MTHL). The remaining Rs 4,000 crore would be shared (50:50) by a financial institution and state government agencies like MSRDC and CIDCO. ICICI Bank CMD K V Kamath has assured a loan of up to Rs 2,000 crore for the project, said Gaikwad pointing out that the ownership of the MTHL would lie with the MMRDA that will also collect the toll.
STATES RECORD LARGESSE IN A DAY
* Rs 400 crore for new Vashi creek bridge, part of the 14-lane Sion-Panvel highway plan
* Rs 30 crore for two steelframe flyovers exclusively for cars at Worli for traffic to and from the Bandra-Worli sealink
* Rs 125 crore for a new 6-lane road between BKC and Eastern Express highway
* Rs 50 crore for construction of a 1.2 km new road from NCPA to Jagannath Bhonsle Marg in south Mumbai
STATES RECORD LARGESSE IN A DAY
* Rs 6,000 crore for Sewri-Nhava sealink
* Rs 400 crore for new Vashi creek bridge, part of the 14-lane Sion-Panvel highway plan
* Rs 30 crore for two steelframe flyovers exclusively for cars at Worli for traffic to and from the Bandra-Worli sealink
* Rs 125 crore for a new 6-lane road between BKC and Eastern Express highway
* Rs 50 crore for construction of a 1.2 km new road from NCPA to Jagannath Bhonsle Marg in south Mumbai
MMRDA TO GET BIG BANG FOR ITS BUCK
Mumbai: The Mumbai Metropolitan Region Development Authority is expected to rake in a whopping Rs 70,000 crore by selling its plots with hiked FSI at its business growth centres like BKC over the next 10 to 15 years.
Agency will rake in Rs 70,000 cr by selling its plots with hiked FSI
Mumbai: The Mumbai Metropolitan Region Development Authority is expected to rake in a whopping Rs 70,000 crore by selling its plots with hiked FSI at its business growth centres like BKC over the next 10 to 15 years.
The revenue also includes the premium on FSI to be awarded on development works in about 400 sq km area in Raigad district, which will benefit due to the Nhava-Sewri sea link.
At the Wednesday meeting of the MMRDA, chief minister Vilasrao Deshmukh authorised the agency to collect premium on the additional FSI in Raigad. The MMRDA was also allowed to collect revenue through development rights on nearly 1,000 metres of land towards Nhava and Sewri end of the sealink. The meet also freed a 20 hectare plot in the BKC to be auctioned off. Similarly, the state government has decided to hand over nearly 200 hectares of additional landwhich has been recently freed after the repealing of Urban Land Ceiling Regulation Actto facilitate MMRDAs ambitious project of creating 1 lakh rental tenements.
Our 20-hectare plot that has been freed from its earlier reservation of creating a market for shifting Mumbais wholesale cloth merchant at the meeting will itself fetch more than Rs 24,000 crore, revealed MMRDA commissioner Ratnakar Gaikwad. According to him, the ULC land being handed over to the MMRDA for rental housing would rake in huge revenue by selling FSI and commercial development rights. MMRDA estimates it would fetch minimum Rs 1,000 crore through development rights on this land and Rs 750 crore per year in the form of rental.
Hike in the FSI to 4 on all the plots and areas owned or to be owned by MMRDA will itself generate huge Rs 40,000 crore, revealed MMRDA spokesman Dilip Kawathkar. MMRDA has its business growth centres at BKC, Oshiwara, Wadala besides Kalyan, Kanjurmarg and Vasai and Bhiwandi.
Wednesdays meeting also cleared proposals for plot auction in the BKCfirst to the CBI for constructing its office for Rs 91.80 crore, another land for the Maharashtra Maritime Board that is expected to fetch Rs 300 crore, and the third one at Rs 1,323 crore to Jet Airways and Star Light Pvt Ltd.Currently, the MMRDA has nearly 2,250 hectares of land at all its business centres in metro region.
ON THE CARDS
The MMRDA has earmarked funds for the development of infrastructure in various parts of the metropolitan region