Plans for a ‘Fourth Mumbai’ in the Palghar region gained momentum this week with Chief Minister Devendra Fadnavis revealing that the upcoming bullet train project might pass through the MMR region. The CM also indicated on Wednesday that efforts were underway to extend the Mumbai Coastal Road project till the Vadhavan Port area. He however insisted that insisted that improved connectivity with Gujarat via bullet train would not lead to a migration of business out of the financial capital.

India’s largest port is currently under construction and the government plans to set up a ‘Fourth Mumbai’ in the area. This includes the creation of a new international airport (which has already received the green signal from Prime Minister Narendra Modi) and extension of Mumbai’s Coastal Road to improve connectivity. The Maharashtra government plans to start working on the third airport of Mumbai (close to the proposed Vadhavan Port in Palghar district) in the next four to five years.

“This area will host India’s largest port and a new international airport, for which green light has already been given by the Prime Minister. Plans are also in motion to extend the bullet train and coastal road up to this region,” Fadnavis said during an event on Wednesday.

‘Won’t take business away from Mumbai’

The CM also sought to assuage fears that improved connectivity would “will take away any business” from the state — citing the case of the diamond trade and financial services to underline the preferences of businesses to stay put in Mumbai even when they see alternatives.

Fadnavis said the diamond trade concentrated in BKC and also parts of south central Mumbai had remained unaffected —with prices for local units going up by 40% in the last two years. He also noted that all the big names in fintech were opting to house themselves in the Bandra Kurla Complex business district despite many recent changes.

“They are investing big time in BKC…we are selling BKC plots at all-time high prices, unheard of prices, we are selling the BKC land. I don’t see any challenge,” he said.

(With inputs from agencies)