It’s one of Mumbai’s biggest open spaces, 226 acres of lush turf where horses thunder and thousands take their morning walks. And the city might lose much of that if a grand new plan centred around its elite becomes a reality.

The Royal Western India Turf Club RWITC has signed a Rs 135-crore ‘‘tourism development’’ deal with Pegasus Clubs and Resorts, paving the way for a golf course at the centre of the Mahalaxmi racecourse. The sprawling ground was leased to the RWITC in 1914.

Also on schedule are an exhibition and convention centre, a hotel and a club house — all spread over 6 lakh sq ft.

The move has angered many. ‘‘One needs to inquire into the deal. The land outside and inside RWITC is never open for the public. Instead, it’s rented for weddings,’’ says Ashok Batra, a former Navy captain who has started an online ‘‘Save the Racecourse’’ campaign.

‘‘How can such an agreement be given legal sanctity?’’ says Major S.K. Lamba, an RWITC member. ‘‘The area’s development plan clearly shows the green zone reserved as a public recreation ground.’’

The deal’s worth Rs 400 crore in real estate development terms
Plans include setting up a nine-hole golf course at the centre of the racecourse and demolishing stables — Grade II on the heritage list
Will improve the polo and equestrian grounds and the jogging and walking area. It will be managed and maintained by Pegasus
The proposal has to be approved by the ‘‘extraordinary’’ general meeting of RWITC members on June 22

‘‘The committee says club members will get a 10 per cent discount on any facility provided by Pegasus. Doesn’t that mean it will be a new club just to serve elite people?’’ asks another member.

RWITC’s lease with the civic body ends by 2013. But its deal with Pegasus envisions a 30-year lease period, with provisions for extending it to 50 years. What’s also alarming is that RWITC’s lease with the BMC has no scope for a third-party deal.

Denying the agreement ‘‘amounts to a lease,’’ both RWITC and Pegasus claim it’s only a ‘‘conducting agreement.’’ ‘‘We are not violating our agreement with the civic body,’’ says RWITC chairman A.N. Dhunjibhoy.

People will still be allowed to use the jogging track, and trees won’t be hacked, says Shobhit Rajan, chief promoter of Pegasus.

Municipal commissioner Johny Joseph could not be contacted.