Ambani to come up with new township in Navi Mumbai
A new residential township has been decided by industrialist Mukesh Ambani and his close aide Anand Jain to be launched in Navi Mumbai in the next four months.
The township in Navi Mumbai has been planned after the state government’s recent approval of industrial policy which allows corporate firms, who had acquired land under the special economic zone (SEZ), to unlock 40% of it for construction of residential buildings.
Since, Ambani and Jain jointly own around 4,300 acres of land at Ulwe and Dronaghiri in Navi Mumbai, they have planned the construction.
Apart from the township, there are plans of developing malls, schools and colleges. The apartments will be developed keeping both the affluent and the common man.
Also, in the vicinity is a sealink connecting Sewri to Ulwe whose funds have been recently sanctioned. The proposed eastern freeway and sea link will reduce the commuting time.
The time by when the residential project is ready, both the freeway and sea link as well as the Navi Mumbai International Airport will be functional. The said plot was lying un-utilised since 2005.
However, as per experts, the said project may add worries in the South Mumbai real estate market as Ambani is a huge player in front of many. Also, it will add a huge track of land and also inventory.
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