12 Apr 2019
Reliance Industries to set up megacity near Mumbai
Reliance Industries is planning to build a megacity in Mumbai. The company is reportedly in its final stages of developing a layout for setting up a megacity in the financial capital of the country.
Earlier, the plan was to set up a megacity in Navi Mumbai. The idea had reportedly come from the founder of Reliance Group, Dhirubhai Ambani. However, Mukesh Ambani’s megacity is expected to fetch an investment worth of $75 billion in the span of 10 years. On an exceptional large scale, the megacity will be reportedly largely similar to the manner in which Reliance Jio Infocomm and Reliance Industries’ Jamnagar refinery were set up.
Reports suggest, the megacity will include a sea link connectivity, an airport and a port. The city is to be developed on the lines of Singapore and the completion of the project is expected to accommodate more than 0.5 million people and thousands of businesses. The megacity may also lead to reverse migration as the property prices in the new city are expected to be lower than that in Mumbai.
That said, the launch of Ambani’s megacity, is expected to recast the entire urban infrastructure scene in India. In terms of affordability and quality of the product, Mukesh Ambani's megacity could reportedly match the Reliance Jio phenomenon.
The megacity will be developed by Reliance Industries. Also, the enterprise is expected to be responsible for the city administration after the accomplishment of the project in order to reduce the red tape, transaction time and cost of the project as the project has already obtained the approval of special planning authority.