The redevelopment of 300-acres of dock lands on the Eastern seafront of Mumbai city would be carried out by self-financing schemes.
The master plan for the redevelopment would be completed in the next six months, said the Chairman of Mumbai Port Trust (MbPT), Mr. Sanjay Bhatia.
Bhatia, said that the redevelopment would be carried out in phases for which money would be raised through instruments such as long-term land leases, which will provide initial corpus.
Similar financing schemes have been successfully implemented by authorities such as the City and Industrial Development Corporation of Maharashtra Ltd and the Mumbai Metropolitan Region Development Authority, he said.
MbPT, which was earlier called the Bombay Port Trust, is one of the largest public land holders in Mumbai city. MbPT has been operating the port since 1873. Due to change in technology and nature of the business environment, MbPT land requirement for port operations has been shrinking.
It has 1,800-hectares of land, out of which 500 hectares would be redeveloped in the first phase. The 500-acre land parcel is further split into 300 acres for Mumbai city and 200 acres for allied port operations.
Central Government complex
Bhatia said that the 300 acres is prime land, which would be returned to Mumbai city and its people. The needs of the city are the top priority; therefore, facilities such as convention centre, entertainment hub, large gardens, promenades and marinas would be created, he said.
He explained that in the initial phase, the project would be anchored with the help of Government agencies. To begin with, a Central Government complex would be built. It would be sold to the Government at a market rate.
The money earned out of the sale would be again reinvested in the infrastructure.
In this phase of redevelopment, 11 km of open seafront with a 1 km of a marina for boats would be created, “We want the citizens to enjoy the seafront. In other places, the rich occupy the places along the sea, leaving the common citizens with no access to the sea and open spaces,” he said.
He pointed that South Mumbai is losing its sheen, as redevelopments are happening in other parts of the city, but this project will help regain importance for South Mumbai.