Maharashtra Plans CBD Along Mumbai-Pune Expressway

To make the most of the 94.5-kilometre Mumbai-Pune Expressway and harness the vacant land, the Maharashtra government plans to set up a central business district (CBD) along the stretch. The business district will house IT parks, recreational zones and affordable housing options. With this, over 70 villages will be developed along the stretch by the Maharashtra State Road Development Corporation (MSRDC) . The MSRDC was appointed as the special planning authority for these villages in 2016.

According to the development plan (DP) by the MSRDC, effective between 2016 and 2041, the CBD will have financial and technological centres, animation, visual effects and gaming centres, and a comic park. The CBD will be created on a land parcel of 130.45 hectare with a floor space index (FSI) of 4. This DP will be implemented in four phases and will also have an affordable housing project to be built on a 30-hectare land parcel.

To further promote the business zone, the authority aims to have smart Fintech centres based on the Maharashtra FinTech Policy 2018, under which will be developed a Global Fintech Hub in the Mumbai Metropolitan Region, too. With this policy, the state government aims to make Maharashtra one of the leading five global fintech centres in the next five years.

The business district will also be strategically located with Navi Mumbai Airport lying 27 kms and proposed multi-modal corridor another 13 kms away.

While the MSRDC plans to invest over Rs 12,000 crore to implement the DP, once completed, the CBD is expected to generate over Rs 14,000 crore as revenues. These revenues will be collected in the form of development charges, the sale of the MSRDC land and plots under its town-planning scheme and a premium on land and FSI.

With 71 villages, the DP covers an area of 186.72 square kilometre of the Panvel and Khalapur taluka. Of the total covered area, 82.99 per cent is underdeveloped while 35 per cent is used for agriculture.