MMRDA leases two properties in BKC to raise Rs 2,900 crore

19 May 2023 CW Team

The two plots, one measuring 7,071.90 square meters (C13) and the other measuring 6.096.67 square meters (C-19). Plot C-13's built-up area development potential is 45,000 square meters, whereas Plot C-19's is 40,000 square meters. The offered lease term is 80 years, and the reserve price for the built-up area is Rs. 3445 billion.

A senior official said, “The reserve price is similar to one which was paid by Goisu Realty to win the bids for two plots in 2022.”

MMRDA has set aside Rs 287.05 billion for spending on a variety of infrastructure projects in 2023–2024, including costs for Metro routes, the Mumbai Trans Harbor Link, the Versova–Vasai Sea Bridge, and an underground road between the Eastern Freeway and Marine Drive.

The state government had given the MMRDA permission to borrow Rs 600 billion in July 2022. The government has chosen to act as guarantor for a Rs 120 billion loan in Phase I that would be used to finance infrastructure projects in the Mumbai Metropolitan Region.

The MMRDA lacks the authority to levy taxes in order to raise money.

The MMRDA intends to monetize its assets, particularly the metro network, and engage in land sales to increase revenue.

However, it anticipates strong cash flow from a variety of sources over the following 25 years; however, officials said the Rs 600 billion in loans it has been permitted to raise will act as a buffer in case it does not receive expected funds in the following five years due to project delays and their effects on revenue inflow.

The authority is optimistic that it will be able to pay back debts by collecting development fees from commercial, industrial, and residential buildings in addition to selling off property. According to officials, taxes, cess, advertising, and other fees can be used to obtain the funds required for asset operations and upkeep.

See also:
Brookfield leads race to acquire IL&FS group headquarters in Mumbai
EFC leases 60,000 sq ft in Hyd and 32,000 sq ft office space in Mumbai

Two plots in the Bandra-Kurla Complex have been made available for lease by the regional development agency, the Mumbai Metropolitan Development Authority, or MMRDA, with the anticipation that they will bring in about Rs 29 billion. After a Japanese company, Goisu Realty Private Ltd, won the tender for leasing two land parcels at Bandra Kurla Complex, MMRDA received Rs 20.67 billion in October 2022. The two plots, one measuring 7,071.90 square meters (C13) and the other measuring 6.096.67 square meters (C-19). Plot C-13's built-up area development potential is 45,000 square meters, whereas Plot C-19's is 40,000 square meters. The offered lease term is 80 years, and the reserve price for the built-up area is Rs. 3445 billion. A senior official said, “The reserve price is similar to one which was paid by Goisu Realty to win the bids for two plots in 2022.” MMRDA has set aside Rs 287.05 billion for spending on a variety of infrastructure projects in 2023–2024, including costs for Metro routes, the Mumbai Trans Harbor Link, the Versova–Vasai Sea Bridge, and an underground road between the Eastern Freeway and Marine Drive. The state government had given the MMRDA permission to borrow Rs 600 billion in July 2022. The government has chosen to act as guarantor for a Rs 120 billion loan in Phase I that would be used to finance infrastructure projects in the Mumbai Metropolitan Region. The MMRDA lacks the authority to levy taxes in order to raise money. The MMRDA intends to monetize its assets, particularly the metro network, and engage in land sales to increase revenue. However, it anticipates strong cash flow from a variety of sources over the following 25 years; however, officials said the Rs 600 billion in loans it has been permitted to raise will act as a buffer in case it does not receive expected funds in the following five years due to project delays and their effects on revenue inflow. The authority is optimistic that it will be able to pay back debts by collecting development fees from commercial, industrial, and residential buildings in addition to selling off property. According to officials, taxes, cess, advertising, and other fees can be used to obtain the funds required for asset operations and upkeep. See also: Brookfield leads race to acquire IL&FS group headquarters in MumbaiEFC leases 60,000 sq ft in Hyd and 32,000 sq ft office space in Mumbai

Infrastructure Transport

15 Sep 2025

Cabinet Approves Key Highway and Rail Projects in Bihar Region

The Union Cabinet on Wednesday approved the four-laning of the 84.2-km Mokama-Munger section of the Buxar-Bhagalpur high-speed corridor, a key industrial region in poll-bound Bihar. The Cabinet also sanctioned the doubling of the 177-km Bhagalpur-Dumka-Rampurhat railway line, which passes through Bihar, Jharkhand, and West Bengal, at a cost of Rs 31.7 billion.The Rs 44.5 billion highway project will be constructed under the hybrid annuity model, a variant of public-private partnership. The Mokama-Munger stretch was the only remaining two-lane section of the 363-km Buxar-Bhagalpur corridor. Fou..

Infrastructure Transport

15 Sep 2025

NGT Issues Notice on Bengaluru Twin Tunnel Project

The National Green Tribunal (NGT) on Wednesday issued notices in response to a petition filed by Bengaluru Praja Vedike and others, challenging the Bengaluru twin tunnel road project. Petitioners claim the project was “hastily announced” and bypassed mandatory environmental impact assessment procedures.Notices have been served to the Karnataka Government, Greater Bengaluru Authority, State Environment Impact Assessment Authority (SEIAA), Bengaluru Smart Infrastructure Ltd (B-SMILE), the Union Ministry of Environment, Forest and Climate Change, and project consultants.The 16.74-km twin-tube..

Real Estate

15 Sep 2025

India’s Residential Sales to Dip Slightly in FY26

Residential sales in India’s seven major cities are projected to decline by up to 3 per cent year-on-year in FY26 to 620–640 million square feet (msf), amid a moderation in sales velocity, according to ratings agency Icra.In FY25, sales stood at 643 msf, down 8 per cent YoY, following a sharp contraction in new launches and moderated demand in the affordable and mid-income segments. This slowdown came after the sector posted a robust compound annual growth rate of 26 per cent in area sales between FY22 and FY24.Icra noted: “Having seen a strong upcycle, the sector entered an equilibrium ..