Niti Aayog, responsible for planning, has massive development plans for Mumbai. According to them, MMR, the Mumbai Metropolitan Region will transform into a Global economic powerhouse soon.
The Aayog laid a development proposal that includes 10 planned cities, 2 tourism hubs, and 7-World class business centers. They all emphasize on economic welfare of the respective cities.
The plan highlights slum redevelopment resulting in the rehabilitation of 2.2 million slum holders. Niti Aayog focuses on elevating slum-occupied land into the affordable housing sphere. The development proposal is inspired by the Singapore public housing system with affordable homes renting below or equal to Rs. 15,000 per month.
Out of the largely occupied slum spaces, 40-50% land lures private investment entities. The Maharashtra Government is also directed to confer Rs. 20,000 crore in financial funds to support financially weak slum localities.
The master plan by Niti Aayog marks seven major industries financial services, fintech, health, education, aviation, media, and data centers. These industries will commence business hubs like Canary Wharf and The Bund, which already set benchmark business models.
Tourism has a significant place in the proposal with the financial contribution of $55-60 billion of MMR’s targeted $160 billion GDP by FY30. The coastal heritage and tourism, cruises, wellness and construction of a 40-million liter capacity Bollywood studio will enhance Mumbai’s sturdy image.
The plan also aims to build office space in 150-175 million sq ft. A premium hotel and logistic sphere is also proposed in the plan. NITI Aayog’s master plan is a comprehensive plan to transform MMR into a thriving global economic hub. The agency focuses on housing, banking, tourism, and infrastructure development.
