The state government has put the plan to transform Wadala into a new business hub on the fast track.
A state-empowered committee under chief secretary JP Dange recently gave the Mumbai Metropolitan Region Development Authority (MMRDA) clearance to shift the Wadala Truck Terminus to Mankhurd or to another site outside Greater Mumbai.
This will allow the MMRDA to develop at least 115 hectares of land, of which 25 hectares had been allotted for the truck and bus terminus, on the lines of the Bandra Kurla Complex (BKC).
“We have received the endorsement of the empowered committee, headed by the chief secretary, to move the Wadala Truck Terminus and utilise the land for commercial exploitation on the lines of BKC,” assistant metropolitan commissioner SVR Srinivas said.
The empowered committee meeting took place in June after which it gave the clearance to move the truck terminus out.
The MMRDA has begun finalising the plan for creating a business hub at Wadala.
The development body had planned a truck terminus for 4,000 vehicles and an inter-state bus depot for passenger buses in Wadala.
The MMRDA said it will shift this project to Mankhurd, Thane or Vashi.
Creating a commercial hub at Wadala started looking like an attraction option after the Lodha Group bought a 25,000-square-metre plot here from MMRDA for Rs 4,050 crore in May.
The MMRDA then became keen on exploiting the 115 hectares of land it has in the area.
The MMRDA estimates that it can earn at least Rs 1,000 crore from land in Wadala every year.
The British had in the 1890s chosen Wadala, with its large tracts of land and sprawling greenery, as Mumbai’s next growth centre.
Over the years, however, Wadala remained a residential locality with some pockets of industrial and commercial establishments.
The government is now looking for land to decongest business hubs such as Nariman Point and the BKC. The BKC, which is spread over 178 hectares, has only 20 hectares of land left to commercially exploit.
With Wadala back in focus, the MMRDA has launched a slew of projects to improve connectivity.
It is constructing a Monorail that will connect Chembur, Wadala and Jacob Circle in Sion. It is also working on the Eastern Freeway project, which will link Wadala to South Mumbai and the eastern suburb of Ghatkopar.