How Will The BMC Plan of Creating INR 1000 Cr Fund to Create Public Spaces Impact Mumbai Real Estate?

In what may be a game-changer for Mumbai residents, the BMC has committed an extra Rs 800 to Rs 1,000 crore in addition to the Rs 12,721 crore budget granted for the development of the Coastal Road in order to beautify and pedestrianise the surrounding area.

The 111 hectares (274 acres) of land recovered from the Arabian Sea for this project exceeds the size of the Mahalaxmi racetrack. It is being used for the road, grade interchanges, bridges, and ramps on about 40 hectares.

The remaining two-thirds (nearly 70 hectares) are designated for different sorts of recreational space. This would contain, among other amenities, bicycle paths, jogging paths, amphitheatres, walkways, a biodiversity park, and a butterfly garden. The plan also includes a children's play area, a tree avenue, and a central public plaza. The completion date for the landscaping is by the end of 2025.

Officials estimate that the municipality will need an additional 18 months to complete these landscaping projects. So, the road will be completed by May 2024, at which time contractors will remove the equipment and temporary buildings erected on the reclaimed ground, and the landscaping firm will begin its job.

According to L&T Construction's deputy general manager E A Padmanabhan, substantial green space would be added to the city's landward side. L&T Construction is responsible for the work between Marine Road and Breach Candy. He also said that Mumbai residents would be polled to find out what improvements they would want to see made to the reclaimed areas.

The plan proposes for 70 ha of land, as well as a promenade 60 feet wide with seating options like those found on Marine Drive. At the tunnel's exit (near Priyadarshini Park) a pedestrian bridge would go to the Worli sea link. Only a third of the planned Promenade has been built along Marine Drive. It's three times as big as Marine Drive, yet it looks exactly the same.