Shiv Kumar
Tribune News Service
Mumbai, August 3
A high-end mini city catering to the world’s financial jet set is being planned on Mumbai’s hitherto unexplored seafront. The entire eastern seafront area, measuring more than 1,800 acres, is presently hidden behind a wall and owned by the Mumbai Port Trust (MbPT). As per a proposal cleared by the state government and the Union Shipping Ministry, around 600 acres of land owned by the trust will be opened up for development.
“This is part of the Centre’s move to monetise land holdings owned by various public sector undertakings,” a state official said.
According to some estimates made by officials of the port trust, the value of the 600 acres of land alone would be worth Rs 50,000 crore. The Maharashtra Government and the Brihanmumbai Municipal Corporation, which will provide the infrastructure for the proposed finance district, are expected to earn additional fees by way of selling development rights to winning bidders who will build commercial and residential structures in the complex, sources said.
The finance district will also be a tourism hub with a cruise terminal and hotels, according to a Development Plan presented by the MbPT to the Union Shipping Ministry last year. The proposals include the creation of a marine tourism project of which a ropeway over the sea to the Elephanta Caves is a part.
Maharashtra Housing Minister Radhakrishna Vikhe-Patil confirmed that part of the land owned by the Mumbai Port Trust is also eyed by the state for affordable housing projects. “There are around 500 old dilapidated buildings on port trust land which have to be redeveloped. Moreover, there are dangerous buildings in South Mumbai whose residents need to be given alternate accommodation while theirhomes are being reconstructured,” Vikhe-Patil said.
The state government has sought around 100 acres of land from MbPT for the construction of transit camps, according to sources. The proposal needs to be cleared by the Union Shipping Ministry which controls the MbPT.
Financial district in making
It is reportedly being planned on the eastern seafront area
Area 600 acres
Cost Rs 50,000 cr
Focus on tourism
The finance district will also be a tourism hub with a cruise terminal and hotels, according to a Development Plan presented by the MbPT to the Union Shipping Ministry last year. The proposals include the creation of a marine tourism project of which a ropeway over the sea to the Elephanta Caves is a part.
Profit venture
The Maharashtra Government and the Brihanmumbai Municipal Corporation, which will provide the infrastructure for the proposed finance district, are expected to earn additional fees by way of selling development rights to winning bidders who will build commercial and residential structures in the complex, sources said.
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