Mumbai Port Trust launches New York-style plan to unlock waterfront assets

Aims to develop Mumbai port as commercial and tourist attraction at a total investment of over Rs 1,000 crore

Mumbai Port Trust (MbPT) has launched a slew of projects to unlock the potential of waterfront properties, along the lines of World Trade Centre properties in New York City and Singapore Marina. It aims to transform the premier port into an attractive commercial and entertainment destination, at a total investment of over Rs 1,000 crore.

The master plan envisages utilisation of a part of port land for other than port and port-related activities. It seeks  and to unlock the untapped commercial value of its land assets with the development of a marina, sea-front walkways, promenades, water sports, plazas, floating restaurants, public transport, entertainment hubs, heritage tourism places, convention centre and a marine museum.

MbPT chairman Sanjay Bhatia told Business Standard, "The entire master plan is an integrated exercise that links the waterfront facilities with the overall east coast development of Mumbai's last open lung space. The plan includes amenities such as cruise terminal, marina, Ro-PAX, ferry services, inland water transport and water sports."

He said MbPT has identified 500 hectares of area for township development and has shortlisted six world renowned bidders who have submitted concept designs and financial bids. The winning bidder is likely to be announced by December-end.

As far as the development of Mumbai Port as the Gateway to international cruises in India is concerned, Bhatia said MbPT will give priority to cruise ships over cargo vessels, and assure them berthing facilities. The port is offering a 40 per cent discount on the applicable berthing charges to cruise ships.  

"About 59 cruise ships have confirmed their arrivals to Mumbai Port during current fiscal, compared with 37 the previous year. The construction of a modern cruise terminal is being planned at an estimated cost of Rs 130 crore. Mumbai Port is targeting to receive about 100 cruise ships in a couple of years," Bhatia said.

MbPT will also redevelop Sassoon Dock into a vibrant, healthy and sustainable tourist destination. As per the master plan, the area will be segregated for tourism-related amenities such as amphitheatre, food court, experience centre, aquarium, and museum.

The project entails an investment close to Rs 250 crore.

MbPT will develop a RoRo facility at Ferry Wharf to promote coastal shipping and passenger transport on Mumbai's east coast.

The port will also develop a fifth oil berth at Jawahar Deep to cater to fully-loaded Suez Max tankers and partly-loaded very large crude carriers (VLCC). It will put up facilities that will allow the oil PSUs to bring larger tankers and achieve economy in freight rates worth Rs 170 crore a year.

MbPT has estimated that the bunkering business will grow to 1.92 million tonnes by 2034 from 200,000 tonnes.