The Maharashtra Cabinet has recently given a nod for the development of a 120-acre Central Park within the 211-acre Mumbai's Mahalaxmi Race Course. Along with this allotted land, approximately 200 acres of green spaces along the Coastal Road with the Mahalaxmi Race Course will be merged, paving the way for an estimated 320-acre Central Park for Mumbai residents.

This park is envisioned to match global standards, akin to parks in New York and London. After receiving the designated land from the State Government, the Brihanmumbai Municipal Corporation (BMC) will oversee the park's development.

BMC, as the nodal agency for this project, will oversee the transformation of the allotted land into a theme park. This approval follows negotiations with the Royal Western India Turf Club (RWITC), which agreed to the BMC's proposal, under the condition of a 30-year lease for the remaining 91 acres of land. This would ensure the continuation of racecourse operations.