To generate revenue for the upcoming infrastructure projects — including the Metro corridors — in the Mumbai Metropolitan Region (MMR), the Mumbai Metropolitan Region Development Authority (MMRDA) has taken up the construction of a helipad in the Bandra Kurla Complex (BKC), which is a commercial hub housing many national and multinational companies.
The MMRDA needs around Rs 1 lakh crore in the coming years to fund the Metro network of more than 250 kilometre. The authority is, therefore, trying to explore means to generate revenue. The MMRDA is a special planning authority (SPA) in areas like BKC, Backbay, and Wadala wherein it plans and executes developmental projects. In the past three years, it has spent nearly Rs 17,000 crore from its cash reserves and has also taken loans from multinational banks like the Asian Development Bank and the Japanese International Cooperation to fund infrastructure projects in MMR.
MMRDA's plan to have a helipad in BKC's G block is being considered instead of selling off the body's available land bank. BKC houses several national, multinational, and consulates of foreign countries. The MMRDA has also proposed an International Financial Service Centre (IFSC) at BKC that will add value to the kind of financial activity that is carried out in the area.
RA Rajeev, Metropolitan Commissioner, MMRDA, said, "The helipad is being built at BKC as means of resource generation for infrastructure projects. The exact location of the helipad will depend on feasibility and clearances from the civil aviation authority."
However, in terms of the project's impact on real estate, Pankaj Kapoor, Managing Director of consulting firm Liases Foras, said there won't be much of a change. The helipad will be used by VVIPs; it is not something that would be used by daily commuters. Also, a helipad is not a full-fledged airport facility that has massive influx and capacity to create an economy or influence the current ecosystem of real estate at BKC."
Kapoor further said, " There could be some sort of revenue from the facility, but not something that can influence the overall real estate scenario. One will also have to see if there is an additional height restriction after the construction of the helipad, which might have a negative impact on the real estate." Currently, BKC that is in 5-km radius of the airport already falls within the funnel zone and there are existing height restrictions for construction activities inside BKC.
Vipul Saxena, an aviation expert, said, "Having a helipad at BKC is a good idea and could have been explored 15 years ago. From the aviation and non-aviation activities at the helipad at BKC, one can expect to generate a revenue of around Rs 80 to 100 crore on a yearly basis. Also, the indirect impact of the helipad, if any on real estate, is something that one needs to consider while talking about benefits from the same."
Meanwhile, the MMRDA also anticipates that by the next decade, BKC will reach its saturation point. According to the MMRDA, staggering office hours in BKC will ease traffic considering currently, around 2 lakh employees try to enter and exit BKC within a similar time frame, which also means movement of around 20,000 vehicles at a time.
FUTURISTIC STEP
- The MMRDA needs around Rs 1 lakh crore in the coming years to fund the Metro network of more than 250 kilometre
- The helipad is being built at BKC as means of resource generation
- MMRDA has proposed an International Financial Service Centre that will add value to financial activity of the area
