The Municipal Corporation of Greater Mumbai has already received such proposals from private companies to team up with the civic authority of the city to improve the infrastructure.
“With the success of the pilot project done by Blackstone and Nucleus Office Parks in Lower Parel, we feel very confident of engaging other corporates for collaborating with the civic authorities on infrastructure development programs across Mumbai. There are multiple opportunities for a PPP model which can help raise the attractiveness of Mumbai as a destination for business and for living,” Aaditya Uddhav Thackrey, Cabinet Minister of Tourism and Environment for the Government of Maharashtra, told ET.
According to him, the authorities have already received a few interests and it is encouraging to see the private sector step forward and collaborate with the local government and authorities to improve the city’s infrastructure.
“Blackstone has contributed to several initiatives to help build communities in India. Our Mumbai streetscape project helps make roads safer and more accessible. As one of the largest global investors in India, we are committed to working with local governments to build thriving communities that positively impact people and businesses,” said Tuhin Parikh, Head of Real Estate, Blackstone India.
Nucleus Office Parks, the real estate platform owned by global investment firm Blackstone’s Real Estate funds, has successfully redeveloped a one-mile stretch of street in Mumbai’s central business district and created safe pedestrian pathways and a community space for residents to enjoy leisure activities.
“Nucleus Office Parks worked all through 2021 in upgrading one of Mumbai’s arterial streets into a world-class street benchmarking against global designs on streetscape, landscape, lighting and artwork. We are thrilled to hand over this enhanced street back to MCGM for smoother infrastructure management, running and upkeep. We hope Mumbaikars will appreciate and enjoy this transformation,” said Quaiser Parvez, CEO, Nucleus Office Parks.
The project entailed planned urbanism, corrections and widening of roads, building a broader pavement, reclaiming the streets from encroachments and road beautification. Recognised as one of the first public-private-partnership (PPP) upgrades in urban infrastructure, the One Green Mile streetscape project took place over 12 months.
The mile-long stretch of road sitting at the junction between Dadar, Elphinstone, and Lower Parel in Mumbai’s central business district is a high-volume traffic area with more than one lakh commuters per day. Nucleus Office Parks has streamlined traffic and vehicle lanes by constructing two signals and one U-turn junction. The project also created 1.5 miles of pedestrian walkway and dedicated cycling tracks.
As part of the overhaul project, over 100 trees spanning 1.5 acres of land have been planted and nearly 10,000 sq ft of under-flyover space has been transformed into a community space for citizens, promoting local art and culture.