The Maharashtra Cabinet, led by Chief Minister Devendra Fadnavis, has given the green light to the land acquisition and allocation policy for the Mumbai 3 project. This move aims to boost development in the Karnala-Sai-Chirner New Town Development Authority area, covering 323.44 square kilometers across 124 villages in Uran, Panvel, and Pen talukas.
The project, focusing on urban growth, includes exemptions for forest lands, Coastal Regulation Zones, and a buffer zone around the Pen Municipal Council. The Mumbai Metropolitan Region Development Authority is adopting a dual strategy for land acquisition, offering options like developed plot shares, cash compensation, Floor Space Index, and Transferable Development Rights.
To facilitate industrial growth, the MMRDA is integrating key policies from the Maharashtra Industrial Development Corporation. This includes the “Pass-Through” Policy for industrial allotment and the Foreign Direct Investment Priority Policy to attract investments. Additionally, the Cabinet has approved a substantial loan for irrigation projects and various development initiatives in different districts.
