MUMBAI : Mumbai Port Authority, the state-owned entity that runs the port in Mumbai, has called bids to develop and run a marina at its Prince’s Dock on a public-private-partnership (PPP) mode for 45 years.

The successful bidder will have to invest Rs 575.19 crores to design the marina and its ancillary systems over 9.02 hectares of land with a capacity to park at least 300 pleasure boats/yachts of different sizes, the port authority wrote in the global tender seeking offers from private firms.

The Prince’s Dock, along with Victoria Dock, were built in the 18th century, during British rule. With limited scope for expanding cargo handling activities in the face of evacuation hurdles typical to a city-based port, the port authority has decided to develop the waterfront for leisure activities more suitable with urban uses. The move aligned with the larger plan on Mumbai waterfront regeneration.

Most of the areas owned by Mumbai Port is in South Mumbai on the Eastern waterfront. South Mumbai is one of the most premium locations in the country, and the economic value of Mumbai Port’s land parcel is expected to be significant.

Mumbai Port Authority is in the process of revamping its activities with the introduction of tourism, public, and office spaces spread across 500 hectares. This will open-up the Eastern waterfront to the residents of Mumbai and suburbs.

The development of the Eastern waterfront includes development of a domestic cruise terminal, development of RO-RO pax facilities, development of marina and M-shed.

With the recent emphasis on improving the city’s environment and the general policy on handling clean cargo at Mumbai Port together with creating a separate revenue stream, the port authority is exploring a plan to develop the waterfront.

For a country with a vast coastline of more than 7,500 kms, India hardly has a marina to park its luxury yachts/pleasure boats.