Maharashtra eyes to mop-up Rs 1 lakh crore from Mumbai redevelopment

MUMBAI: Maharashtra government is eyeing to net over Rs one lakh crore revenue from redevelopment of the metropolis over the next five years.

"We are sitting on a gold mine. We expect to generate over Rs one lakh crore over the next five years by redeveloping the metropolis," State Chief Secretary Ratnakar Gaikwad said at an event organised by the Maharashtra Economic Development Council here today.

The government is working on a plan to redevelop prime locations in Mumbai, including Nariman Point, Government Colony at Bandra (East), and Worli Dairy, he said.

"There are several other areas where there is scope for redevelopment. We can also redevelop our own buildings and generate funds for our other projects," Gaikwad said.

The Mumbai Metropolitan Region Development Authority (MMRDA) has also envisaged a concept plan of controlled reclamation which can generate over USD 309 billion, he said.

Apart from this, the government is looking at developing 500 depots and stations of the Maharashtra State Road Transport Corporation (MSRTC).

"We see an opportunity of generating around Rs 1,000 crore through this development project," he said.

Gaikwad further said that the government has identified 32 key result areas (KRAs), including skill development, initiatives under NREGA, tourism, seri-culture, port development among others, for the overall development of the state. The government has set up a seperate think tank to deal with these issues, he said.

On the development of ports, Gaikwad said, "we are in the process of developing ports such as the Revas, Dighi, Redi, Jaigad and Vijaydurg. Currently, the total handling capacity of the Mumbai Port Trust (MbPT) and JNPT is around 120 million tonne. After the development of new ports, we intend to add another 200 million tonne capacity."