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Finance > Real Estate > Mumbai PPP Projects in Real Estate
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Article rating : 0.00, 0 votes. Author : George Gonigal
To improve access to basic infrastructure services and increase efficiency in providing such services, which are critical in promoting economic growth and poverty reduction, the government has been encouraging Public Private Partnerships (PPP) in urban infrastructure.
Take Mumbai, for instance. The Western Railway ministry targeted Mumbai by inviting major global consultancies to submit bids for a detailed feasibility study on an elevated corridor along the 60-km Churchgate-Virar route. The route, operated and maintained by the Western Railways, has 28 stations and handles a daily load of 33 lakh commuters.
Another major development in a similar PPP prospect is the upcoming international airport at Navi Mumbai. The airport will be developed as a Greenfield Airport through PPP along the lines of the Greenfield Airports at Hyderabad and Bangalore.
Government had been exploring the PPP model to tide over the residential property
crisis in Mumbai earlier this year. The residential properties in Mumbai were proposed to have green building features including use of fly ash, rain water harvesting, energy efficient lighting and solar water heating system. Similar patterns of growth will soon be spread over the real estate wing, across Mumbai.
Despite the fact projects in the urban sector do not lend themselves easily to the PPP model and there are limits to what the government can do. As public financing is not sufficient to generate the levels of investment needed to improve infrastructure facilities, the PPP model of development and growth is most suited for the real estate growth in Mumbai.
The Asian Development Bank (ADB) is providing a $2 million grant to help the Government of India to increase cooperation between the public and private sectors in infrastructure development.
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