MbPT frees 150 hectare for iconic infrastructure projects

Mumbai Port Trust (MbPT) will immediately free 150 hectare from its land parcel for iconic infrastructure projects such as entertainment hubs and all weather marina project. MbPT Managing Director Sanjay Bhatia has said that plans were afoot to create an all-weather Marina project at Princess dock. An entertainment hub at Victoria and Princess Docks, while Marine Drive is all set to get a facelift with two jetties at Chowpatty and the NCPA end, he said. In another project, the world’s highest ropeway is being planned from Sewri to Elephanta over the proposed Mumbai Trans Harbour Link. Bhatia further disclosed that Mumbai will also become the gateway for international cruise ships.  Highlighting the importance that infrastructure plays in real estate development, Anuj Puri, Chairman and Country Head, JLL India, said: “Land prices will come down if infrastructure is properly developed. Ahmedabad and Hyderabad are two good examples where property prices have remained stable due to infrastructure support.” Opening up of land for development helps in making a city vibrant, he said. The solution to create affordable housing would be to open more land and improve infrastructure. Real estate is in an evolution phase and even foreign markets such as the US and Germany have gone through this cycle. Retail real estate is doing well due to good quality projects and is presently in a consolidation mode, he added. Speaking on high inventory Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said, “It is intriguing to see that when a project is launched and construction just begins, it is considered inventory. This is misleading. It creates negative sentiments and sends out wrong signals to the market.” On the issue of commercial spaces, Ashwani Kumar, Chairman & Managing Director, Dena Bank, said, “Commercial real estate sales in Tier-II and Tier-III cities is good. For instance, in Surat, commercial assets are sold at a fast pace.” He felt that NPAs is not an issue today as banks are doing due diligence and financing projects of only good developers. Speaking on REITs, Ashish Kumar Chauhan, Managing Director & CEO, BSE, said, “Real estate has been an enigma and not standardised. REITs and InvITs are important for us and when it is traded on the exchange it will make investors more comfortable.  Khushru Jijina, Managing Director, Piramal Fund Management, said, “REITs is a game changer for the industry. RERA is accelerating the process of natural death of bad developers and will eventually bring consolidation into the market, which is good for the long term.” He said buyers are today happy that they are protected. RERA was important as faith in the developer community had fallen to an all time low.  Shreekant Singh, Principal Secretary, Maharashtra Housing Department, said: "RERA will provide transparency to all stakeholders. Dispelling the impression that RERA is one sided, he explained that the Act has taken care of the interest of both the consumers and developers. Real estate has the largest share in the GDP, he said and assured that RERA will cover concerns and issues of all stakeholders leading to transparency in realty.