Mega City rental housing plans in MMRDA’s hands

Chief minister Ashok Chavan’s grand Mega City project in Panvel with an energy city, MITTIC; IT/telecom commercial office centre; and entertainment city, will also have a rental housing project for the 2.5 lakh people working there.

Mumbai Metropolitan Region development authority (MMRDA) will be the planning authority on this project, in which it will hold equity stake. MMRDA has offered an FSI of 4 to developers for building the housing project. SVR Srinivasan, additional metropolitan commissioner, said, “We will be strategic partners and will set up a growth centre jointly with 50-50 partnership.”

Chavan said, “The necessary FSI will be provided so that investment can be speeded up. The project will provide 1.4 lakh residences to people after completion of the project.”

The Mega City project has attracted one of Maharashtra’s largest Foreign Direct investments – Rs45,500 crore – from Gulf Finance House (GFH). Though investors like Abu Dhabi Investment Bank, State of Kuwait, and others are investing, GFH is looking at raising money from India as well, says Esam Janahi, of GFH.

“In the first phase, $1 billion will be invested and we expect the project to be completed in five years Around $3-4 billion will be invested in the entertainment city,” said Mathew James, chief operating officer, Abu Dhabi Investment House.