"The whole object is to get cars off the road and get people using public transit," said Roger Moliere, head of real estate development for the MTA.
"We are making substantial efforts but our estate is utilitarian and we have a £28m backlog in maintenance work," says Ian Simpson, head of estates.
"A project like this is very important for a city, but it comes in relation with strong urban planning and infrastructure that a city like Mumbai requires," said Vishaan Chakrabarti, head of the real estate development program at Columbia University and former director of the Department of City Planning in New York.
Adam von Poblitz, a lawyer who is head of estate planning at Citi Private Bank, said personal gifts were "a very powerful technique" for reducing eventual estate taxes.
Heads real estate development and construction firm Anant Raj in Delhi which owns a land bank of 1,000 acres in the National Capital Region.
Steve Haggerty, global head of real estate and development for Hyatt, said: "New York's ability to find equilibrium is always going to be quite strong.
But as Stephan Miles-Brown, head of residential development for the real estate company Knight Frank in London, points out: "This is too valuable an area to be priced for first-time buyers.
Locu also today announced that it has hired Mark Weiss, who previously spent five years at Trulia leading its partnerships with the real estate industry, as its new Head of Business development.
"The fuel cell is a real flag in the sand, demonstrating what is possible in terms of energy efficiency and carbon reduction," said the crown estate's head of development, Alastair Smart.
