Mumbai, August 3
A high-end mini-city catering to the world’s financial capital has been planned on Mumbai’s hitherto unexplored seafront, according to state government officials here.
The entire eastern seafront area measuring more than 1800 acres of land 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 Central government’s move to monetise land-holdings owned by various public sector undertakings,” a state government 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 crores.
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 build commercial and residential structures in the complex, according to sources here.
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 government 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 their homes are being reconstructed,” Vikhe-Patil told reporters here.
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.
The construction of transit camps is proposed to be undertaken by the Maharashtra Housing and Development Authority (MHADA).
