MUMBAI – In a move set to redefine India’s urban landscape, the Maharashtra Cabinet, led by Chief Minister Devendra Fadnavis, has officially approved the land acquisition and allotment policy for the ambitious Third Mumbai project. This visionary city, spanning over 320 square kilometers, is designed to be a modern, self-sustaining hub located at the gateway of the Atal Setu (Mumbai Trans Harbour Link).
A new urban frontier
As Mumbai and Navi Mumbai reach their saturation points, Third Mumbai emerges as the state’s strategic answer to rapid urbanization. The project covers 124 villages across the Uran, Panvel, and Pen talukas. By leveraging the world-class connectivity of the Atal Setu, the new city aims to reduce the commute to South Mumbai to a mere 20 minutes, effectively bridging the gap between the island city and the mainland.
Fair compensation and landowner partnership
The approved policy introduces a “win-win” model for land acquisition. To ensure local communities benefit from the city’s growth, the government has implemented a 22.5% land return scheme. Landowners who surrender their property for the project will receive 22.5% of the area back as fully developed plots.
For those preferring other options, the policy allows for:
- Cash Compensation: At market rates for smaller plots (under 40 sq. meters).
- Digital Credits: Compensation via Floor Space Index (FSI) or Transferable Development Rights (TDR), allowing owners to profit from future vertical growth.
Global investment and job creation
Third Mumbai is not just a residential plan; it is being built as a global economic powerhouse. The cabinet has cleared a “Priority Pass” for Foreign Direct Investment (FDI). To qualify, international firms must commit to a minimum investment of ₹250 crore per 100 acres.
Planned specialized zones include:
- Edu-City: Campuses for top-tier global universities.
- Medi-City: A high-tech healthcare cluster to reduce the burden on Mumbai’s hospitals.
- Data Centers: Designed to host over 60% of India’s future data capacity.
Infrastructure on the fast track
Unlike traditional cities that grow haphazardly, the Third Mumbai project follows a “planned-first” approach. The Mumbai Metropolitan Region Development Authority (MMRDA) will oversee the integration of smart-city features, including AI-driven traffic management, green building standards, and extensive public transit networks.
“This is the next big leap for Maharashtra,” stated a government spokesperson. “With Third Mumbai, we are not just building houses; we are creating a $300 billion economic engine that will drive the state toward a $1 trillion economy.”
Also read – Mumbai’s civic body gets tough: Massive crackdown on property tax defaulters
Disclaimer – This news report is based on current government policy updates. Prospective investors and residents should verify all details with the MMRDA and official regulatory authorities before making financial commitments.
Source – ET Realty
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