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Mumbai Metropolitan Region Development Authority expects Rs 1,033 crore from lease of BKC plot
MMRDA has fixed the reserve price at Rs 3.44 lakh per sq mt.
Updated : Aug 17, 2019, 06:05 AM IST
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The Mumbai Metropolitan Region Development Authority (MMRDA) is all set to earn a minimum of Rs 1,033 crore by leasing out a huge chunk of land in Bandra Kurla Complex (BKC).
The land measuring 6,018 sq mts has a permissible built-up area of 30,000 sq mts. MMRDA has fixed the reserve price at Rs 3.44 lakh per sq mt.
Riding on their recent success, where the planning authority MMRDA had managed to sell a three acre plot to Japanese conglomerate Sumitomo for Rs 2,238 crore in Bandra-Kurla Complex, the authority has decided to put two amalgamated plots C-44 and C-48 on lease. Both are commercial plots.
When asked R A Rajeev, Metropolitan Commissioner, MMRDA, he confirmed the details.
The tenders for the plots along with all the details will be available from August 26, while the last day for online submission is October 14. The pre-bid meeting is scheduled on September 13, at the MMRDA office.
Successful deals |
|---|
| 2019: Japanese conglomerate Sumitomo paid Rs 2,238 crore for a three-acre plot in BKC |
| 2010: Lodha Group paid Rs 4,050 crore for a 6.2 acre plot in Wadala |
| 2007: TCG Urban Infrastructure and Hiranandani Group paid Rs 1,041 for a two acre plot |
| 2007: Wadha had bid Rs 831 crore for a plot measuring under two acre in BKC |
Earlier this year MMRDA had put three plots C-65, C-44 and C-48 up for lease. However, only C-65 found a taker. A senior official from the town planning department said, "With the permission of the authority we amalgamated two plots — C-44 and C-48 — and decided to put them again up for auction. These are the same plots that were put up on the block earlier this year, and didn't find a taker."
The official further added that this time they are expecting the plots to get good response.
Pankaj Kapoor, Managing Director, Liases Foras, a real estate research firm said that the price being quoted by MMRDA is viable. "However, only those developers or firms backed by a private equity can afford to take such plots in current market scenario."
The plot is a commercial one and in the last two decades, BKC has turned into one of the biggest Central Business District of the city. With top banks and many other international firms setting up their offices here. BKC currently has many consulates, and even top schools and residential buildings too.
