INR 6,500 cr needed to execute proposed DP

Mumbai Port Trust

The Mumbai Port Trust (MbPT) will require over INR 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 INR 2,846 crore on ‘relocation housing’, followed by INR 1,343 crore on creating infrastructure and INR 522 crore for recreation and a tourism park. The MbPT will accept suggestions and objections to its DP till January 26, 2019. 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.  Sanjay Bhatia, Chairman, MbPT, 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 INR 4,000 crore to INR 5,000 crore. We will raise finances this way. Seventy-five % of the land is open spaces and roads among others. Only 25 % is a footprint.”

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.  Pankaj Joshi, Executive director, Urban Design Research Institute (UDRI), 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 re-invent 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.

Vice Admiral (retd) IC Rao, President, NCO Apli Mumbai, 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 % of the land will be reserved for port-related activities, 10 % for housing and 15 % for port operations.

Source: The Indian Express


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