Mumbai Port Trust to free 150 hectares of land for infrastructure project
- Wipro falls nearly 5% as brokerages cut target price on weak Q4 results
- A good competitor is good for HUL: Sanjiv Mehta
- Breaking taboos is becoming good for business in India
- Our core strategy is working and showing healthy growth: Wipro CEO Abidali Neemuchwala
- Contract manufacturers of global firms to launch own TV brands
Mumbai: Mumbai Port Trust (MbPT) plans to free around 150 hectares of land for infrastructure projects and is in the process of appointing an international consultancy to draw up a master plan for developing the land in the next five years.
“We will start developing in one-and-a-half to two years. Some portion of the project would be through public private partnership but majority of it would be developed by us,” said Sanjay Bhatia, managing director MbPT at the two-day National Real Estate Development Council summit held in Mumbai.
Bhatia said an international consultancy would be appointed in the next one month to prepare a master plan. Eight bidders have already come through a global bidding process.
The development would largely be entertainment hubs comprising gardens, restaurants and convention centres.
“Opening up of land for development helps in making a city vibrant.The solution to create affordable housing would be to open more land and improve infrastructure,” said Anuj Puri, chairman and country head at JLL, a global property consultant.