MUMBAI, June 28 -- An ambitious proposal to transform Mumbai's southern waterfront has crossed its first major regulatory milestone after the Maharashtra Coastal Zone Management Authority (MCZMA) has approved a luxury marina project at at Cuffe Parade at the authority's June 16 meeting. The proposal, submitted by Rashmi Developments Private Limited and approved at the MCZMA meeting held on June 16, will now require statutory environmental and CRZ approvals before any construction can begin. The project envisions an Inland Water Transport Terminal integrated with a world-class marina aimed at easing Mumbai's traffic congestion while boosting tourism and waterfront accessibility. Authorities also said the project will house a yacht club, executive lounges, conference facilities, art gallery, cafes, restaurants, premium retail outlets, a pier, helipad, seaplane and VTOL operational zone, along with luxury serviced apartments for tourists and corporate visitors. The proposal's biggest attraction is a seven-star floating hotel planned around two nautical miles off Nariman Point, featuring about 520 rooms, a 1,530-seat theatre, luxury lounges and multiple restaurants, accessible by speedboats, helicopters and seaplanes. The development also involves reclamation in a CRZ-IV area for an eight-storey structure with a built-up area of around 35,000 square metres. P4...