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Tuesday, March 26, 2019

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Largest marina to come up in Mumbai

Posted to Largest marina to come up in Mumbai (by on October 30, 2013

Marina to be set up in Mumbai will be the biggest in India

The country’s largest marina set to take shape on the Mumbai waterfront will be specially designed to harbor luxury boats, yachts and catamarans. It will come up on the East coast of the city where land will be leased together with water area for its development alongside Clark Basin and Frere Basin near Mazgaon. It will be spread over 4.5 hectares in water and one hectare over land, with a capacity to accommodate 124 vessels.    

According to Gautam Dey, deputy traffic manager at Mumbai Port Trust, a global tender has been invited for undertaking the development of this $ 10 million project and the last day to sending the bids is 25 November, 2013. The land and the adjoining waters will be leased for a period of thirty years and will be for a yearly rental of $ 0.6 million with an increase of 4% each year thereafter.  The successful bidder will be free to develop whatever necessary facilities and amenities he wishes including hotel, resorts, boat shelter, facilities for boats repairs, fueling, water supply, maintenance of spares, recreation such as water sports etc. They will be at liberty to fix their own rates, etc.

“India has been woefully short of marinas leading to a lack of parking space, repairing and fuelling facilities,” says Mr. Dey. “There is no marina in India of such a large scale as the one being set up by MbPT. There is one in Goa and another in Cochin, but they are very small in size. There had been increasing demand to set up a marina. This project is being undertaken because there are over 200 boats and yacht that can be seen floating around the Gateway of India haphazardly and the need has been there for a marina since long. Besides, repair facilities for boats and yachts are seriously lacking.”  

The marina however, will not be restricted only to the rich of the city, and will also be developed into a tourist destination with recreational and water entertainment attractions. The project is expected to be completed within two years.

Despite the downfall of the Indian economy in the last two years, the luxury segment of yachts has grown over 33 per cent in the last five years. Since the reduction in the demand of luxury yachts in the United States and European countries, the segment has increased three times since 2006-07 and a number of foreign companies have invested in approaching Indian shores in terms of yacht sales.

The luxury yacht market caters to the niche business tycoons and industrial empire owners around the globe.  But in India, the market is a different ball game altogether with many considering it to be a status symbol to own a yacht. 

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