Mukesh Ambani, the chairman of Reliance Industries Limited, has announced his plans to build a mega-city in India. The project is expected to cost $75 billion and will be built on 16,500 acres near Mumbai. This article explores what this new megacity means for India’s future and how it could change the way we live our lives.
Jio’s popularity isn’t something to be ashamed of. The enormous success of Mukesh Ambani’s Reliance Jio is well-known. After gaining a strong position in networking, Mukesh Ambani now plans to develop the Megacity, an extraordinarily modern city near Mumbai. The city is expected to have full of exciting elements and to be thoroughly modern.
Mukesh Ambani and his staff are currently working on the company’s blueprint. This megacity will receive a $75 billion investment over the next ten years.
Reliance Industries (RIL), the special planning authority for this project, has given its approval. Reliance Industries will manage this project, which will also be in charge of the city’s administration. This project will reduce the amount of red tape, transaction time, and project cost.
The Navi Mumbai Special Economic Zone (NMSEZ) owns around 4,300 acres of land in this megacity. This particular plot of land is linked to the Jawaharlal Nehru Port Trust and a new airport. With an initial payment of Rs. 2,180 crores, Reliance Industries signed a mutual memorandum of agreement with the NMSEZ on the land lease contract and the development rights by March 2021.
Megacity is a project built by a private sector actor for the first time in modern India to meet the lofty aims of improving urban infrastructure.
Reliance Industries signed a formal agreement of understanding with the Maharashtra government to build a global economic hub. In the form of a global alliance, this would also include the world’s top-notch integrated digital and the services industrial fields.
Dhirubhai Ambani’s Dream City
The Reliance Group of Industries is not new to the idea of developing a megacity near Mumbai. When we looked into the history of this project, we realized that it was Dhirubhai Ambani’s (the famed creator of the Reliance Group of Industries) dream. Dhirubhai Ambani planned to build a city near Navi Mumbai that was on par with the rest of the world. He first proposed this plan in the early 1980s, when he proposed a road link between South Mumbai and Navi Mumbai. This concept garnered a lot of positive feedback and helped decongest Mumbai a long time ago.
In 2005, Ambani teamed up with Nikhil Gandhi, the founder of SKIL Infrastructure, to start working on the project. Together, they devised a concept for forming an SEZ along the lines of the big Chinese SEZs. Since the early 2000s, Nikhil Gandhi has been purchasing land. Many reports also mentioned the Tata Group’s involvement in the SEZ project, but Ambani, who has always sought to engage with SEZs, eventually outwitted them.
Finally, in 2018, the Maharashtra government allowed SEZs to migrate to several melded industrial regions to indicate the available land for industrial units under the Maharashtra Industrial Policy. Later, based on its policy, the Navi Mumbai SEZ (NMSEZ) asked for and gained permission to convert the SEZ into an Integrated Industrial Area.
This enormous project, which Ambani began, is predicted to be a huge success, similar to Reliance Industries’ exceptional success with its many initiatives, such as Jio and the Jamnagar refinery. It would be supreme, particularly in terms of quality and cost. The Maharashtra government has already approved the Navi Mumbai sea link, which will connect South Mumbai to Larsen & Toubro and Tata Projects.
In addition, the GVK-led consortium’s project to build a new airport. These projects will run concurrently and provide a connection to an industrial township, with 15 percent of the total land area set aside for residential use and the balance for industrial use.
Modifying urban Infrastructure
Ambani’s megacity project is a very complete and advanced plan. He should develop a never-before-seen infrastructure comparable to its former Jio redux, which guessed the entire country. Experts believe that this megacity project has the potential to thrive in the same way that Reliance Jio did. This exclusive Reliance Industries project would usher in new levels of transformation in India’s urban culture and infrastructure.
Furthermore, the leading real estate analyst is likely to benefit from this, noting that the initiative will result in overturning migration. This is because the megacity’s property prices will be lower than those in Mumbai. That is why people would look for additional opportunities like this. The most exciting aspect of this megacity idea is that Reliance Industries would build the city and manage and administer it.
For this, Reliance has been granted a special planning authority license. By reducing transaction time and red tape, Ambani will be able to save money. Said, the goal of this project is to make significant alterations and modifications to the metropolitan infrastructure.