MUMBAI: Mumbai Port Trust (MbPT) will immediately free up 150 hectares from its land parcels for iconic infrastructure projects such as entertainment hubs and an all-weather marina project in south Mumbai, said a top government official. An entertainment hub at Victoria Docks and Princess Docks on the south-east of the island city is being planned, while Marine Drive is all set to get a facelift with two jetties at Chowpatty and the NCPA end at Nariman Point in south Mumbai, said MbPT Managing Director Sanjay Bhatia.
Plans were afoot to create an all-weather Marina project at Princess dock, Bhatia added while speaking on perspective on India’s growth story for infrastructure and real estate at the two-day NAREDCO summit. In another project, the world’s highest ropeway is being planned from Sewri in central Mumbai to Elephanta over the proposed Mumbai Trans Harbour Link, he said and disclosed that Mumbai will also become the gateway for international cruise ships.
“Land prices will come down if infrastructure is in properly developed. Cities like Ahmedabad and Hyderabad are two good examples where property prices have remained stable due to infrastructure support,” said Anuj Puri, Country Head of JLL India while highlighting the importance that infrastructure plays in real estate development. “Opening up of land for development helps in making a city vibrant.”
The solution to create affordable housing would be to open more land and improve infrastructure in the cities and peripheral areas for better connectivity. Real estate is currently in an evolution phase and even foreign markets like the US and Germany have passed through this cycle, Puri said. The Mumbai Metropolitan Region Development Authority (MMRDA) has succeeded in resolving the complex land acquisition issue for Mumbai Port Trust (MbPT) land to be used to construct the long-pending Mumbai Trans Harbour Link (MTHL). The project is set to take off in a few months’ time.
According to reports, The Mumbai Metropolitan Region Development Authority (MMRDA) and MbPT have reached a consensus over the rentals to be paid for using the port trust’s land to construct ramps for the Mumbai Trans Harbour Link (MTHL) on the Mumbai island side. A total Rs 1,000 crore rentals would be paid by MMRDA in instalments over the next 30 years.
Credits ET Realty