“MEGA BOOST; “MMRDA signs MoU worth Rs 3.5 lakh crore to boost sustainable development of cities”

MMRDA signs significant investment MoU at World Economic Forum

By Arvind jadhav

Mumbai : While Maharashtra set a record for attracting foreign investment at the Davos World Economic Forum, it has become evident that the Maharashtra government’s urban development authority, MMRDA, will further develop Mumbai’s infrastructure by signing significant foreign investment agreements. Such MoU, worth Rs 40 billion, was signed with 11 foreign investors, and the capital will be committed in innovative projects such as city infrastructure, sustainable urban transportation, enhanced parking systems, and circular economy parks. It has reassured the city’s citizens that their standard of living will get better, as with economic growth, during the next three to five years. City’s unique infrastructure development initiatives are starting to gain grip.

To effectively carry out all of these initiatives, a transportation agreement has been collided with with the UK Department for Transport and Crossrail International. Despite the city’s growing population, it is essential for fixing the transportation problem. Furthermore, the University of Birmingham will support and guide MMRDA in its initiatives to establish a sustainable urban transportation system. MMRDA has successfully signed Memorandums of Understanding with significant worldwide investors such as Brookfield Corporation, Black Stone Inc., Temasek Capital Management, and Sumitomo Realty and Development Company.

CM Devendra Fadnavis expressed delight with the MMRDA’s enormous MoU. He pointed out that fixing cities’ infrastructure issues has been anticipated and necessary. It’s record investment matches the goal of making Maharashtra a trillion-dollar economy. This agreement could bring not only capital, but also world-class skills and technology in Maharashtra. He expressed confidence that this endeavor could assist Maharashtra achieve its goal of being a trillion-dollar economy.

Eknath Shinde, Deputy CM and Chairman of the Authority, stated that the MMRDA MoU strengthens global investors’ confidence in Mumbai’s development potential, while Dr. Sanjay Mukherjee, Metropolitan Commissioner of the Authority, defined that the investment MoU signed by MMRDA reaffirms MMRDA’s commitment.The intended investment in innovative projects such as infrastructure, new development centers, the circular economy, and parks would help the Mumbai Metropolitan Region in achieving a $300 million US economy by 2030 while generating 3 million jobs.The Metropolitan Commissioner stated that this will also aid in the development of residential, commercial, and logistics regions of Navi Mumbai.