THE MUMBAI Port Trust (MbPT) will require over Rs 6,500 crore for the implementation of its proposed Development Plan (DP) for city areas under its jurisdiction. To raise finances, it has proposed to monetise its land and levy development charges on future projects.
The MbPT has released a 20-year blueprint for 966 hectares along the city’s east coast, where it is the Special Planning Authority (SPA). The DP proposes several projects, including open spaces, recreation parks, ecological parks, tourist hubs, restaurants, central business district, affordable housing projects and a Marine Drive-like promenade.
According to the plan, the MbPT has prepared block estimates under major categories — green area, promenade area, infrastructure, recreation and tourism park. It expects to spend Rs 2,846 crore on “relocation housing”, followed by Rs 1,343 crore on creating infrastructure and Rs 522 crore for recreation and a tourism park. The MbPT will accept suggestions and objections to its DP till January 26. The proposed FSI has been capped at 4 for affordable housing and central business hubs and hotels, and FSI of 3 for transit-oriented development around station buildings, for retail areas and parking areas.
MbPT Chairman Sanjay Bhatia said, “We are not selling any land to the private sector. Some land will be given on lease of 30 years to public sector companies from which we are expecting to get Rs 4,000 crore to Rs 5,000 crore. We will raise finances this way.”
“Seventy-five per cent of the land is open spaces and roads among others. Only 25 per cent is a footprint,” he added.
The stretch under MbPT is more than three times the area opened up by the redevelopment of mill lands in central Mumbai, leading experts to believe that its development could transform how the city lives.
Executive director of the Urban Design Research Institute (UDRI), Pankaj Joshi, called it the last opportunity for residents to participate in the process of finalising a DP for the huge land parcel. “This is one of the largest opportunities, probably the last chance for the city to reinvent itself. This will benefit the city as well as the Mumbai Metropolitan Region. Let us not lose this opportunity like we lost the mill lands,” said Joshi. UDRI will hold a public meeting next Monday to discuss the MbPT DP.
President of NGO Apli Mumbai, Vice Admiral (retd) I C Rao, said the 1,000 acres now available for regeneration have been lying unutilised for 25 years. “In 2014, we had made suggestions to develop parks, open spaces and utilities here. We should not allow any luxury housing projects as has happened in the case of the mill lands.”
Currently, the port land has industrial, commercial and slum structures. According to the plan, 20 per cent of the land will be reserved for port-related activities, 10 per cent for housing and 15 per cent for port operations.