Apart from developing Lower Parel as a business centre, the Brihanmumbai Municipal Corporation (BMC) has also marked places such as Nariman Point as commercial hub, Kala Ghoda as tourism zone and Andheri as IT hub in its plans to develop Mumbai into a ‘Smart City.’
As a part of this, the civic body has decided to provide free 4G Wi-Fi facility at all these places. It has also planned to set up special purpose vehicle (SPV) for the Smart City scheme. The SPV is usually a subsidiary company with an asset/liability structure and legal status that makes its obligations secure even if the parent company goes bankrupt.
According to civic officials, South Mumbai areas such as Kala Ghoda, Fort, Colaba have a vast network of several historical monuments and other structures. It is visited by lakhs of Mumbaikars and foreign tourists every day. Hence the civic body is planning to develop the area as tourism zone under the Smart City project.
The Andheri East area has been growing as an IT hub at a fast pace since last few years. With offices of several reputed IT companies being located here, it can be developed as an IT hub and provide more job opportunities to youths.
The Lower Parel area too has been developed as a major commercial district in recent years having lot of top corporate offices.
The civic body believes that in the next five years, Rs 5 lakh crore worth investments would be attracted towards this place and therefore has selected Lower Parel to start with the ambitious project.
The proposal in this regard will be tabled before the civic standing committee meeting on November 26.
“We plan to take up Lower Parel because of the various advantages the area has, including the Rs 2 lakh crore in investments the place has received in the last two years. Also, 14 per cent of Mumbai’s revenue is generated from the area among many other things,” said a civic official.
