Mumbai Port to Get a Major Facelift Soon
The state-run Mumbai Port 142 years old, and is in dire need of a revival. Shipping minister Nitin Gadkari said that a committee has been set up to utilize the 1,800 acres of land it owns. The committee will function under the leadership of Rani Jadhav, former chairperson of the Mumbai Port Trust. They are expected to propose a real estate development plan for using the land optimally.
Gadkari further said that the panel will have to submit the reports in the next three months, after which they will appoint international property consultants. The port trust estate’s approximate value is around Rs. 75,000 crore, according to the minister. He also added that there is no plan to hand over the land to private builders.
After the reports are received from the formed committee, the government plans to have international bidding and give the project on a Build-Operate-Transfer (BOT) basis. According to the proposed plan as of now, the port is expected to have cruise terminals, a floating hotel, new waterway projects, floating restaurants, marinas and jetties, and a ferris wheel.
Source: Mint
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