Mumbai's Fourth Incarnation: The 'Forthcoming' Palghar
Enhancement of Bullet Train and Mumbai Coastal Road Projects Extend to Vadhavan Port Region in Palghar Unveiled by Fadnavis
It's full steam ahead for the planned expansion of Mumbai, as Maharashtra's state government sets its sights on a new development project, christened the 'Fourth Mumbai.'
Recent announcements by Devendra Fadnavis, the Chief Minister, have given a green light to the idea that the upcoming bullet train project might pass through the MMR region. Moreover, there are plans underway to extend Mumbai's iconic Coastal Road till the Vadhavan Port area in the Palghar district.
But fear not, residents of Mumbai, as the CM assured that improvements in connectivity with Gujarat via the bullet train wouldn't warrant a mass migration of businesses from the financial hub.
The Heart of the Matter
At the core of the 'Fourth Mumbai' project lies a trifecta of transformative initiatives: the creation of a new international airport, the extension of Mumbai's Coastal Road, and the development of a substantial port in Palghar district.
Greenlights have already been given for the proposed airport by Prime Minister Narendra Modi, and work on the third international airport of Mumbai, close to the Vadhavan Port, is set to commence within the next four to five years.
The project's noblest aim is to link the airport, port, and bullet train for seamless multimodal transport. By providing an alternative to Mumbai’s existing airports, improved congestion, and enhanced connectivity are set to become a reality for residents of the Palghar region and surrounding areas.
A Promise to Businesses
Despite concerns that enhanced connectivity may empty Mumbai of its commercial luster, the CM, Fadnavis, has sought to alleviate these by citing the steadfast resilience of the diamond trade and financial services in the city, even in the face of alternatives.
The diamond industry remains concentrated in BKC and certain parts of south central Mumbai, and over the last two years, local units have seen their prices rise by a staggering 40%. Moreover, even in the face of numerous recent changes, the big names in fintech have continued to opt for the Business district at Bandra Kurla Complex.
"They are investing big time in BKC...we are selling BKC plots at all-time high prices, unheard of prices, we are selling BKC land. I don't see any challenge," Fadnavis declared.
(Sources: Agencies)
Rail Revolution – The Bullet Train
The 'Fourth Mumbai' initiative is set to be inextricably linked with the Mumbai-Ahmedabad Bullet Train, which will potentially run through the MMR region.
(Sources: Devendra Fadnavis, Bullet Train, Mumbai Airport, Mumbai-Ahmedabad Bullet Train, Railways, Share Market, Stock Market Quotes, India News, Business News, Our Website App)
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[2] Fourth railway line from Panvel to Karjat to improve connectivity (2016, September 19). The Hindu. https://www.thehindu.com/news/cities/mumbai/fourth-railway-line-from-panvel-to-karjat-to-improve-connectivity/article14438486.ece
[3] Navi Mumbai International Airport (NMIA) (2021). Wikipedia. https://en.wikipedia.org/wiki/Navi_Mumbai_International_Airport
[4] Goa-Mumbai highway to soon connect with Mumbai Coastal Road. Financial Express (2018, May 17). https://www.financialexpress.com/auto/news/goa-mumbai-highway-to-soon-connect-with-mumbai-coastal-road/1206861/
[5] Navi Mumbai International Airport: Connectivity and Revenue Potential (2018, April 21). JLL. https://www.jll.com/content/dam/jll/i/Common%20Assets/Research/Reports/Navi-Mumbai-International-Airport-Connectivity-and-Revenue-Potential-2018.pdf.pdf
- The 'Fourth Mumbai' project, involving the creation of a new international airport, the extension of Mumbai's Coastal Road, and the development of a port in Palghar district, promises to revolutionize the region's connectivity and commerce, potentially impacting the Stock Market Quotes and General-News field.
- Amidst the ongoing rail revolution, the Mumbai-Ahmedabad Bullet Train, which is planned to pass through the MMR region, is expected to have a significant influence on the Share Market and the broader Finance sector, while the provisional airport in the Palghar district could present unique investment opportunities for businesses and investors alike.
