Projects related to transportation, affordable housing and drinking water will now be the government's priority.
On Tuesday, chief minister Prithviraj Chavan said he had chalked out a long-term agenda for the city. "These include fixing transport bottlenecks, solving drinking water issue and creating affordable housing," he said.
Considering the paucity of funds and land for the city's infrastructural growth, the chief minister recently made a representation to the planning commission and Prime Minister Manmohan Singh asking them to give Mumbai the tag of a 'mega city'.
"The problem of land and funds has to get resolved for infrastructure development. This would be like opening a third window where funds from the Centre would be set aside for the development of the financial capital," Chavan said.
The criteria for being declared a mega city is that it has a population of over a crore and less cultivable land.
Talking about transportation infrastructure, Chavan said the availability of land was the biggest problem in the execution of projects. "The coastal ring road which will run along the coastline will need to be done by reclaiming some land. I have put forward a proposal for coastal zone regulation relaxation for this," he said.
The coastal road is expected to cost about Rs6,000 crore.
Chavan has also asked the Centre to help Mumbai with funding of the third phase of the underground metro that will connect Colaba to the airport, and the Alibaug- Virar multi-corridor that will connect the city to the Navi Mumbai airport.
Chavan also expressed concern over the current global slowdown fearing it will directly hit housing stocks. "The global atmosphere directly affects the interest rates, thus making it difficult for buyers to put in money into installments. This may be cause for concern for Mumbai's real estate market," he said.