With an aim to make the Mumbai Metropolitan Region (MMR) a financial services hub, the state government has now pitched for the conversion of a 6,600-acre parcel of industrial land in Navi Mumbai into the region’s International Business and Finance Centre (IBFC).
The IBFC has been conceived as a result of land constraints in expanding BKC. The state is planning to aggressively push for the conversion of the Trans-Thane Creek (TTC) Maharashtra Industrial Development Corporation (MIDC) land for commercial-residential purposes. It claimed such development will result in five lakh new jobs being created.
Modelled on the Bandra-Kurla Complex (BKC), but over seven times its size, the state, plans to build affordable homes in this business hub, situated around Mahape. It has proposed to earmark half the area for the homes, so that employees are able to ‘walk to work’.
Minister of state for housing Ravindra Waikar confirmed the plan and said it was in its initial stages of deliberation.
Wanting to accelerate the development, the state government plans to ask industrial houses occupying the land to kick-start the transformation within a year’s time from the policy’s approval.
It has now asked three crucial government departments to jointly plan the development and offer a floor space index of 4 for the construction of the hub.