Apart from monetization of land, MMRDA hopes to attract more investments from and outside the country.
In a significant development, the Eknath Shinde government issued an order formally recognizing the International Finance and Business Centre (IFBC), which stands on 200 hectares of land in the Bandra-Kurla Complex (BKC), on Friday. This move is expected to remove all the legal, technical and procedural hurdles faced by the Mumbai Metropolitan Region Development Authority in attracting investments from and outside the country. Sources in the state urban development department have clarified that the IFBC should not be confused with the much-debated International Finance Centre (IFC). The Centre had, in 2018, already conveyed that it could not approve of a special economic zone (SEZ) for the proposed IFC, as the BKC plot did not qualify for the same; it did not have 50 hectares of contiguous land, as required under the SEZ Act.
Source -Free Press Journal
