What is the Megacity? - Mukesh Ambani's $75 Billion Project

The popularity of Jio isn’t something hidden! We are well-familiar with the immense success of Mukesh Ambani’s Reliance Jio. After establishing its strong position in networking, Mukesh Ambani now aims for building an extremely advanced city near Mumbai, the Megacity. The city is expected to have great features and be entirely modern.

Currently, Mukesh Ambani, and the team are working on the blueprint of the company. This megacity is set with an approx. investment of $75 billion in the upcoming decade.

This project has been approved by Reliance Industries (RIL) which is acting as the special planning authority. Reliance Industries will be managing this project and also, supervise the administration of the city. This project will be cutting out the red tape, transaction time, and cost of the project.

This megacity includes the territory owned by Navi Mumbai Special Economic Zone (NMSEZ), which is around 4,300 acres. This specific land connects with the Jawaharlal Nehru Port Trust and to the construction of the new airport project.

By March 2021, Reliance Industries signed a mutual memorandum understanding with the NMSEZ on the land lease contract and also, the development rights with the preliminary payment of Rs. 2,180 crores.

The project, Megacity, is set up to achieve the immense goals of uplifting the urban infrastructure as being established by a private sector player for the first time in modern India.

Reliance Industries signed the official memorandum of understanding with the Maharashtra Government in order to formulate an economic center at a global level. This would further include the world's top-notch integrated digital along with the services industrial areas in the form of a global alliance.

Dhirubhai Ambani's Dream City
Modifying urban infrastructure
FAQ

Dhirubhai Ambani's Dream City

The concept of establishing a megacity near Mumbai isn't a new idea by the Reliance Group of Industries. In fact, when we dug up some history behind this project, it was discovered that it was the dream of Dhirubhai Ambani, the legendary founder of the Reliance Group of Industries.

Dhirubhai Ambani wanted to establish a city with the advancement of the World level, near Navi Mumbai. He first came up with this idea in the early 1980s, when he brought up a project for connecting South Mumbai with Navi Mumbai by road. This project was very well received and would have decongested Mumbai long ago.

Ambani began executing this project in 2005 when he allied with Nikhil Gandhi, founder of SKIL Infrastructure. Together they planned for the formulating an SEZ on mega Chinese SEZs lines. Nikhil Gandhi had been acquiring lands since early 2000. Many sources also mentioned the connection of Tata Group with the SEZ project, but this was eventually outwitted by Ambani who always wanted to work with SEZs.

Ultimately in 2018, the government of Maharashtra permitted the SEZs under Maharashtra Industrial Policy to migrate to various melded industrial areas for marking the available lands for industrial units. Later on, the Navi Mumbai SEZ (NMSEZ) applied for consent to modify the SEZ into the Integrated Industrial Area and received it as well, based on its policy.

This mega project, initiated by Ambani is expected to grow into an extremely successful project just like the remarkable success received by Reliance Industries with its several projects including the Jio and Jamnagar refinery. It would be Supreme, especially in terms of excellence and affordability.

As the government of Maharashtra has already approved the establishment of the Navi Mumbai sea link project that would connect South Mumbai directly to Larsen & Toubro and Tata Projects.

Alongside, the project of establishing a new airport by the GVK-led consortium. Both these projects will be running simultaneously and would offer the connection of industrial township, owning 15% of total land area for the residence and the rest for industrial purposes.

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Modifying urban Infrastructure

Ambani's plan for the megacity project is very exclusive and advanced. He ought to build up a never-seen-before infrastructure, similar to its former Jio redux- which kept the whole of India wondering!

According to experts, this megacity project holds the potential to succeed like Reliance Jio, in an extraordinary phenomenon. This exclusive project by Reliance Industries will be opening new levels of transformation in the urban culture and its infrastructure, in India.

Moreover, this is expected to enrich the top real estate analyst, stating this project will lead to overturning migration. This is because the property prices in the megacity will be lesser than in Mumbai. That's why people would seek more such openings!

Besides, the most intriguing part of this megacity project is that Reliance Industries will not only establish this city but also, work on its administration and also, govern it.

Reliance has been given the special planning authority license for embarking on this. Ambani would be cutting down the costs by eliminating the transaction time and red tape. More simply, this project aims to achieve drastic changes and modifications in the urban infrastructure.

Conclusion

Mukesh Ambani took towards Dhirubhai Ambani's dream city, by working on a special project of establishing a megacity near Navi Mumbai. Ambani has fetched an investment worth $75 billion for this project.

As approved by all the authorities, Reliance Industries is working on the Blueprint, and soon, they will get on with the construction. This megacity project is functioning exclusively with massive advancement in the urban infrastructure in India.

This would be totally cost-effective and would present properties with affordable rates. Megacity is the initiative to build India with an abundance of technology and modern infrastructure. Stay tuned for more updates!

FAQ

What is the total investment of Mukesh Ambani's megacity?

The project is expected to draw in as much as $75 billion in investments over the next ten years.

What is the location of Mukesh Ambani's Megacity?

The megacity will be located in the in the vicinity of Mumbai.