Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) has received response from more than half the owners of the 160-acre land demarcated for setting up of a business district in Mumbai’s western suburb of Goregaon, said a top MMRDA official.
The planning and development authority for the Mumbai region is looking to develop this special zone on the lines of the swanky business district Bandra-Kurla Complex (BKC).
The response, according to MMRDA’s commissioner UPS Madan, has improved following the government’s earlier decision to double the Floor Space Index (FSI) — ratio of permissible built-up area to the plot area — in Oshiwara District Centre (ODC) for residential development to 3 times in exchange of premium. The FSI for commercial development was raised to 4 times from 1.5 times.
“We are planning to develop the infrastructure here to make Oshiwara District Centre as vibrant as BKC. The response has improved significantly after the government raised the FSI and allowed the mixed-use development here,” Madan told ET in an exclusive interaction on Friday.
The response from land owners is crucial for the project’s take-off as the development is being undertaken on public-private partnership (PPP) model. The government had also increased the FSI for development of social, cultural and public utilities in this special zone to 3 times from 1.
Madan reckons that this will be a well-planned development with demarcated areas for commercial, residential, retail, parks and education complex along with infrastructure. ODC has seen significant development including a railway station connecting both the western and the harbour railway lines along with the east-west connectivity through two flyovers helping in improving connectivity of this zone.
The proposed commercial, retail and entertainment zones will bring a distinct character to ODC, and state-of-the-art facilities; different from the earlier large business zones such as BKC and Nariman Point, he said.
Madan believes that strategically located between the residential catchments of Andheri-Lokhandwala and Goregaon, this new business district is expected to generate 2.5 lakh jobs and will house around 20,000 residential apartments.
MMRDA is working on widening the roads to accommodate the increase in traffic and is developing six 90-feet roads — most of the roads are already commissioned for work — to boost the internal connectivity of ODC. “We have invited bids for further linkages that need to be developed in this zone,” Madan explained.
The Maharashtra government had appointed MMRDA as the special planning agency for the creation of new district centres and, in the past, the authority was instrumental in the development of such districts including BKC, which is spread over 370 acres.
The development of BKC district centre has taken place rapidly over the past one and a half decade and it has now become the de-facto CBD of Mumbai.
However, when the potential of BKC to provide further office space is exhausted, the city’s ever growing businesses will need new commercial infrastructure in order to expand and operate over the medium-term horizon.