Tender deadline for Marina project at Princess Dock extended till Aug 24

The objective to construct a Marina is to provide a parking facility for 300 yachts at Princess Dock, which will decongest Gateway of India.

As per the MPA, the appointed concessionaire will have to pay the licence fee of Rs 690 crore (equivalent to land value of that area). The selected concessionaire need not be required to pay the licence fee at one go (upfront payment), but after the completion of four years (construction period), in tranches till 45 years.

The Marina project cost has been revised at Rs 575 crore — Rs 200 crore more compared to the previous tender, which was floated in 2019. The increase in cost is due to a hike in construction cost and more commercial space offered for the same, the official added.

For the Marina, nine hectares of land has been earmarked, out of which two hectares have been reserved for commercial development and the remaining for the yacht facility. The commercial space will have hotels, restaurants, office spaces and other yacht facilities of international standard.