The Mumbai Metropolitan Region Development Authority (MMRDA) has signed a memorandum of understanding (MoU) with Toronto-headquartered Brookfield, a leading global investment firm.

The agreement signed in the presence of Anuj Ranjan, CEO, Brookfield, will bring in foreign direct investment of US$ 12 billion (Rs 1,03,800 crore), focusing on transforming Mumbai Metropolitan Region (MMR) into a global economic hub in the next 5-7 years. MMRDA has signed MoU worth US$ 40 billion in the World Economic Forum annual summit at Davos recently.

The collaboration will focus on developing Metro projects, roads, bridges, urban infrastructure, real estate, transit-oriented development, land value capture opportunities and sustainable blue and green infrastructure.

A large part of the investment will be directed toward Mumbai 3.0 (KSC new town  spanning 323.24 sq. km.), special planning areas (SPA)  in the northern (1,006.76 sq. km.) and southern (673.33 sq. km.) regions of MMR.

These projects will include residential, commercial  and mixed-use developments, along with logistics parks, data centres  and global capability centres (GCCs). The focus will also be on enhancing physical, digital, and social infrastructure.

This initiative will support Maharashtra’s ambition to become a US$ 1 trillion economy and contribute significantly to India’s goal of achieving a US$ 5 trillion economy within the next 3–4 years. The MoU is projected to help achieve a US$ 300 billion economy within MMR and create 3 million additional jobs by 2030.