Walk-to-work hub to come up near Mumbai Monorail depot in Wadala
The World Bank defines TOD as a “planning strategy that aims to concentrate jobs, housing and services around public transport stations”Updated: May 30, 2019 00:18 IST
The Mumbai Metropolitan Region Development Authority (MMRDA) plans to develop the area around the monorail depot at Wadala into a first-of-its-kind ‘walk-to-work hub’, as part of its transit-oriented development (TOD) plan.
The World Bank defines TOD as a “planning strategy that aims to concentrate jobs, housing and services around public transport stations”. An area of 2.52 lakh sqm or 62.27 acres will be developed with a floor space index (FSI) of 4. FSI is the ratio of the built-up area to its plot and typically indicates how high a developer can build. “Areas around stations will be developed with residential, commercial and public spaces for recreation. The idea is to develop these areas, so people can walk to the nearest destination,” said RA Rajeev, metropolitan commissioner, MMRDA.
The MMRDA hopes to earn ₹1,300 crore-₹1,700 crore from this development. The authority will soon issue tenders for the project to get developers on board to execute the plan.
Wadala is being considered as it is fast-developing owing to proximity to the Eastern Freeway, Eastern Express Highway, monorail and upcoming Metro-4 corridor that will connect Wadala to the neighbouring city of Thane. The authority will look at available government land in Wadala for redevelopment. The tenders are likely to be issued by next month.
The revenue earned from Wadala will be used to cross-subsidise Metro projects in the city. MMRDA is executing Metro projects worth ₹1 lakh crore in the Mumbai Metropolitan Region. With TOD, it can generate funds by giving out more FSI for a premium.
It has been looking at various avenues to fund Metro projects. Earlier this year, the state government also introduced an additional one per cent stamp duty surcharge on property deals, with the revenue to be transferred to MMRDA for its infrastructure projects.
The MMRDA has also taken up redevelopment of two societies – near Metro 2A (Dahisar to DN Nagar) and Metro 2B (DN Nagar to Mandale) – to roll out TOD concept in the city. For Metro-7 (Andheri E-Dahisar E), the authority has roped in the IBI group, an international company, to study the possibility of development along the corridor. A senior associate from IBI group said the report will be submitted by December-end.
First Published: May 30, 2019 00:08 IST