Anuj Puri, Chairman – ANAROCK Property Consultants
No discussion about Mumbai’s notoriously land-starved real estate market is complete without mentioning the massive tracts of land held by various Government and non-Government agencies and bodies.
Arguably, Mumbai Port Trust (MbPT) is currently one of the largest landowners in the country’s otherwise land-scarce financial capital.
Mumbai Port Trust owns nearly 1,900 acres of commercially useable prime land in South and South-Central Mumbai along the sea-facing eastern coast. If put to good use, this large tract of land can help considerably in solving the city’s immense housing shortage.
Initially either oblivious or indifferent to its real worth, the port authorities have now realized that they sit on a veritable goldmine that can fetch massive capital. However, it is definitely not as easy as it may appear since many are now trying to capitalize on this precious land.
Some existing lessees are refusing to vacate the leased premises – even post expiry of their lease period of 100 years – or even allow the rentals to be hiked to match the current market rates. Others are engaged in long-drawn court cases commissioned by either party.