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Reliance Industries is set to build and run a megacity near Mumbai. Business Standard reports, quoting unidentified sources, that a RIL subsidiary has signed an MoU with the Mukesh Ambani-backed Navi Mumbai Special Economic Zone, a 4,300 hectare integrated industrial project that will start operations this year. The unnamed city seeks to attract investments of up to $75 billion over the next decade, Business Standard says. It will offer connectivity to Jawaharlal Nehru Port Trust as well as the upcoming Navi Mumbai airport.
Reliance planning $75 Billion in the next decade. It will create a buzz in the country and rewrite real estate history in a decade. Mukesh Ambani led Reliance industries developing an integrated mega city with NMSEZ at an unprecedented scale in new Mumbai on the lines of Jurong Town Corporation, which had designed Singapore. This project was conceived over 2 decades ago but delayed due to SEZ regulations and market conditions.
This is going to change Mumbai forever. Accommodation for half a million people in Navi Mumbai that will look like Singapore is jaw-dropping. Another dream project of Dhirubhai Ambani being drawn by his son Mukesh Ambani. This would be an awesome project in India and first of it’s kind.