The Kharghar Hill Plateau

CIDCO has released an advertisement for the Kharghar Hill Plateau.Navi Mumbai seems to be going places.

Theme park, golf course, science park, SEZ, an international airport and now a fun city, at an estimated cost of Rs 5,000 crore. Navi Mumbai is getting all that it takes to be a truly global city. City and Industrial Development Corporation (CIDCO), the planning and development authority for Navi Mumbai, has planned an ambitious project to create an internationalstandard fun city in one of its suburbs. According to CIDCO GM (special projects) DLN Murthy, the Kharghar plateau selected for the auction will have 60% of the total 250 acres reserved for a theme park, while 40% would be earmarked for real estate. The winning bidder will have to spend a minimum of Rs 2,500 crore on developing and preserving the scenic location. The proposed project, at a hill plateau in Kharghar, will have a theme-cum-entertainment city as big and complete as Disneyland in the US or Sentosa Park in Singapore. The corporation has invited global bids with a reserve price of Rs 2,000 crore for the project.The theme city, located near Kharghar station, promises a host of features. It will have hill walks, ropeways, adventure parks, paragliding, rock climbing, a skyride, towers, a ‘kingdom’ of animals, birds and insects, a lagoon of aquatic life, galleries and museums, hotels and resorts, a health spa, multiplexes, a planetarium, studios, music and night clubs and parks for children. A nominal fee will be charged to enter the city. The criteria for selection are that the aspiring bidder must have a minimum net worth of Rs 2,000 crore and an annual profit limit of up to Rs 200 crore after tax and depreciation. The technical criteria specifies that the firm should have developed a theme park over at least 20 hectares in the past seven years. “There is a two-fold objective to the evaluation criteria. First, global recognition for Navi Mumbai and second, to create an environment-friendly entertainment park for the city. CIDCO is setting a new standard by embarking on such a project,” he said.The bidding is expected to be over by December 4. According to Mr Murthy, the selected bidder will either pay the corporation Rs 2,000 crore upfront against the land or make CIDCO an equity partner in the development by forming a special purpose vehicle (SPV).