Redevelopment of Mumbai port land in six months by self-financing schemes

The redevelopment of Mumbai port land will be carried out in phases with money raised through instruments such as long term land leases, which will provide initial corpus. It is known that similar financing schemes have already been successfully implemented by authorities such as CIDCO and MMRDA in the Mumbai Metropolitan Region. Mumbai Port Trust (MbPT) has 1,800-hectare, of which 500 hectare would be redeveloped in the first phase. This 500-acre parcel is further split into 300 acre for Mumbai city and 200 acre for allied port operations. The 300 acre is expected to witness the development of facilities such as a convention centre, entertainment hub, large gardens, promenades and marinas. The initial phase is reported to be anchored with the help of government agencies. While the Central Government complex will be built first, it would be sold to the government at a market rate. And, the earned money will be reinvested in infrastructure. Additionally, in this phase of redevelopment, 11 km of open seafront with a 1 km marina for boats would be created. The idea is for citizens to enjoy the seat front.