The Mumbai Megaproject ... @ Cutting Edge of Innovation in Urban Infrastructure Development in India ?
Author : Ashish Puntambekar
On the link below is the concept presentation for The Mumbai Megaproject.
" The Mumbai Megaproject “, is a large , do-able plan that unlocks US $ 308 Billion
( Rs 14 Lakh Crores ) of value in the Mumbai Metropolitan Region ( MMR ) and uses that
money to totally re-construct the city of Mumbai within a 9 – 11 year period starting in
2014 with the objective of preparing Mumbai to make a bid for hosting the 2024 Olympic
Slides 15, 16 and 17 in the attached presentation are important as they show how the
above mentioned funds will be made available in Mumbai.
The current debt of the State. of Maharashtra ( 2011 ) stands at Rs 2,09,000 Crores or
roughly US $ 46 Billion. Given this huge debt , the Govt of Maharashtra is in no position to
issue any more debt to finance large infrastructure projects or give financial guarantees.
Given this situation, The Mumbai Megaproject is a worthwhile project proposal / plan as
It needs just Rs 3000 Crores ( $ 0.6 Bn ) as a one time grant to startup a huge economic
Engine that will generate an Urban Equity Withdrawal Surplus of Rs 14 Lakh Crores
Without any further cash needs from either the central government or the Govt of
The difference between all other previous plans to re-develop Mumbai and the
Megaproject is that , this time at all the issues ( i.e Governance, Financing, Engineering,
Project Logistics and control mechanisms) have been addressed simultaneously.
No one has ever attempted this kind of Integrated Approach in the past ... especially in
the case of Mumbai.
Very briefly , the project :
1. Provides free housing, affordable education and healthcare for 9 Million slumdwellers
based on the dwelling concept.
2. Repays , the entire US $ 46 Billion debt of Maharashtra State as a single bullet
payment to deliver a debt free state by 2014
3. Transforms Mumbai into a large International Financial Centre : Creates two
new financial centres and & Other Amenities … Universities etc
4. Applies principles of Intelligent Urbanism to create large open spaces,
recreation facilities and culture facilities in Mumbai that will rival the worlds leading
cities.(Investment will be of the order of US $ 4.5 Billion in Parks and US $ 600 Million
in art and Culture Facilities )
The presentation to launch the Mumbai Megaproject was made by me at the YBChavan
Centre in Mumbai on the 24th of Sept. The promoter of the event was FICCI - FLO
( The FICCI Ladies Organization ) and it was supported by Deutsche Bank.
Today it appears impossible that a project of this magnitude can be executed by the
year 2024.It is with this in mind and to give the project a sense of urgency that hosting
the 2024 Olympic games has been adopted as a strategic project objective.
Finally , the project also has a very powerful IT platform and Reporting system
( i.e The Context based Communications platform ) which has been specifically
designed to ensure very strict monitoring of contract award and execution. This will
make it very difficult to pull off Scams.