NITI Aayog has introduced an ambitious master plan to transform the Mumbai Metropolitan Region (MMR) into a global economic hub. The proposal includes developing 10 planned cities, 2 tourism hubs, and 7 business districts, focusing on rehabilitating 2.2 million slum households into affordable housing. The plan identifies seven core industries to drive growth and aims to enhance tourism significantly. Infrastructure improvements will include substantial office, hotel, and warehousing space, as well as new educational and healthcare facilities.
NITI Aayog, India's central think tank, has revealed an ambitious master plan aimed at transforming the Mumbai Metropolitan Region (MMR) into a global economic powerhouse. This strategic initiative encompasses the creation of 10 planned cities, 2 tourism hubs, and 7 world-class business districts, all designed to significantly enhance the region's economic landscape.
A key element of the plan is the rehabilitation of 2.2 million slum households, with a focus on converting slum-occupied land into affordable housing. With 40-50% of this land deemed financially viable for private investment, the proposal aims to develop affordable homes with rents under INR 15,000 per month, drawing inspiration from Singapore's public housing model. The Maharashtra government has been urged to allocate INR20,000 crore in viability gap funding to assist less economically viable slum areas.
The master plan identifies seven core industries-financial services, fintech, healthcare, education, aviation, media, and data centres-as essential for the region's transformation. It envisions business districts modelled after global benchmarks like Canary Wharf and The Bund, strategically located in areas such as Bandra Kurla Complex, Wadala, Kharghar, and MbPT land. These districts are intended to attract talent and foster business innovation.
Tourism is also a critical focus of the plan, projected to contribute USD55-60 billion to MMR's targeted USD160 billion GDP by FY30. Initiatives include enhancing coastal and heritage tourism, cruises, wellness tourism, and the construction of a 40-million-litre oceanarium and a themed adventure park in Navi Mumbai. The proposal for a world-class Film City featuring iconic Bollywood studios further aims to bolster Mumbai's global appeal.
Infrastructure development is a major priority, calling for 150-175 million square feet of office space, 12,000-15,000 premium hotel rooms, and 70 million square feet of warehousing. Additionally, the plan stresses the necessity for new educational institutions in STEM, law, and liberal arts, as well as more hospital beds to accommodate the growing population. Overall, NITI Aayog's master plan serves as a comprehensive roadmap for transforming MMR into a vibrant economic centre, with a strong emphasis on housing, business, tourism, and infrastructure development.
In conclusion, NITI Aayog's comprehensive master plan aims to reshape MMR into a thriving economic centre. By emphasizing housing, business, tourism, and infrastructure development, the initiative seeks to create sustainable growth and improve the quality of life for residents, positioning Mumbai as a key player on the global stage.
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