India, Nov. 19 -- The Mumbai Port Authority (MbPA) will auction 18 sealed warehouses at Sassoon Dock, marking a major shift after months of conflict with the fishing community.

The godowns were sealed by MbPA, which also took possession of them last week. The port authority says the warehouses will continue to be used for fish trading and related activities, but it aims to finally generate revenue from properties that have long incurred losses of nearly Rs.120 crore.

The auction will be conducted at rates "approximately 40% less than the Ready Reckoner rate", an MbPA official said, adding that the proposed lease rent would be around Rs.55 per sq ft, compared to the Rs.90 per sq ft in the locality, according to the Ready Reckoner. The 40...