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$16B City Planned for Outskirts of Mumbai

MUMBAI, INDIA-Intent on securing financing for the development of large-scale live-work communities outside India's largest cities, Vancouver, BC-based Royal Indian Raj International Corp. partners with a New York-based investment bank. An RIRIC source tells GlobeSt.com that following problems in Bangalore, the first city appears headed for the outskirts of Mumbai.

By Brian K. Miller | Updated on September 29, 2005

MUMBAI, INDIA-Vancouver, BC-based infrastructure company Royal Indian Raj International Corp. has partnered with the New York-based investment bank Greenwich Group International in order to secure $1 billion in debt and equity for the development of new cities outside India’s largest cities. A RIRIC source tells GlobeSt.com that after being rebuffed in Bangalore it appears the first Royal Garden City will be developed near Mumbai.

“In US terms, we’re talking about a major suburb where 300,000 to 500,000 people will live and work on a daily basis,” says an RIRIC source contacted Thursday in Mumbai. “We will be selling it as ‘get the hell away from Mumbai and come live in this bright, clean, modern city that is completely Web-enabled.’”

The planned city near Mumbai would cover 5,000 acres and cost between $6 billion and $12 billion to develop, according to the source. “It will create 10,000 new jobs directly and another 40,000 on an indirect basis, let alone billions and billions in tax revenue for the state, which is why we can’t understand why Bangalore is so business unfriendly,” he says.

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