The incident happened around 10.15 a.m., barely a kilometer before the hour-long voyage was to end, the boat suddenly started ingressing water and began to sink rapidly, along with the passengers and crew.
Watch | Ferry boat capsizes in Alibaug, all passengers rescued
Hearing the screams of help from the panicky passengers, a coastal patrol boat of Raigad Police led by Prashant Gharat rushed to their rescue in Sadgurukripa vessel, which was at the Mandwa Jetty.
With the help of the crew of other local boats and fisherfolk, Gharat and others successfully rescued all the 88 from drowning in the sea waters.
There were no injuries among the rescued passengers and the Raigad Police have commended Gharat's presence of mind and speed which helped avert a potentially massive tragedy.
Mandwa Jetty on the mainland is the entry point for Raigad district on the mainland with regular boats, catamarans and launch services ferring thousands of people from Mumbai island daily, besides services to the world-famous UNESCO Heritage site of Elephanta Caves around 11 kms off Gateway of India.
(with inputs from agencies)