MEGACITY BY RELIANCE INDUSTRIES

Mukesh Ambani, The Chairman at reliance industries, has announced his plans to build a mega-city, an extraordiary modern city in Navi Mumbai with an approx investment of 75 billion or INR 60,000 Crores over the course of next 10 years. The project will be developed on 16,500 acres. Mukesh Ambani and his staff are currently working on the blueprint. As per reports, it would be able to provide accommodation to more than five lakh people and thousand of businesses. The idea to set up a megacity in Navi Mumbai was originally set up by the founder of Reliance group, Dhirubhai Ambani. Dhirubhai came up with this exclusive idea in year 1980 but the project's site was acquired in 2005. In 2005, Ambani allied with Nikhil Gandhi who is a founder of SKIL Infrastructure. The megacity will have sea link connectivity, airport, port, and will be developed on the lines of Singapore.

According to Experts, the new city will have comparatively lower real estate prices than mumbai which will lead to reverse migration. Because of the lower prices of megacity, people will look into the investment opportunities like this. Mukesh Ambani's megacity project is a very advanced plan that is expectated to have a never-before-seen infrastructure. The Navi Mumbai Special Economic Zone(NMSEZ) owns around 4,300 acres of land in this megacity. With an initial payment of Rs. 2,180 crores, Reliance Industries signed a mutual memorandum of agreement with the NMSEZ on the land lease contract . Experts certainly believe that this project has the potential to thrive in the same way the Reliance Jio did and it will grow into an extremely successful project.