The dwindling land resources of Bandra-Kurla Complex have forced the Mumbai Metropolitan Region Development Authority (MMRDA) to look at new avenues for creating business hubs in the city, and the answer seems to lie in Wadala.
Four global consultancy firms and eight Indian companies have shown interest in the project to transform Wadala into an international finance and business centre.
These include global giant Sasaki Associates, which helped design the Olympic village in Beijing, and New York based Parsons Brinckerhoof, along with Indian companies such as PG Patki Architects and AECOM India.
The MMRDA has 109 hectares of land in Wadala, of which only 15 hectares have been marked for commercial activities and 32 hectares have been set aside for a truck terminus and an inter-state bus terminus.
“A masterplan will help us develop the area better,” said a senior MMRDA official. MMRDA officials are hoping that they will be allowed by the state to move the bus and truck stations outside and commercially exploit this land. It is also eyeing the land currently used as saltpans for future development.
An internal study by the MMRDA has suggested that it can make close to Rs. 1,000 crore from the land in Wadala every year for the next two decades.
The consultants will help plan the development of the region such that it attracts investors in the future.
The MMRDA is expected to finalise the contract by next month and hopes to get a clear picture of the masterplan in six months.
The MMRDA has launched a slew of projects to improve connectivity to Wadala (see box).
The need for creating alternate growth centers is necessary as commercial centers such as BKC are running out of land. There are only 20 hectares of land left in BKC that can be commercially exploited.