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 Urban

07 Oct 2025

India’s Rs 370 Bn Petrochemical Expansion to Shift Asian Supply

India’s planned investments worth over USD 37 billion (around Rs 3 lakh crore) in the petrochemical sector are poised to reshape Asia’s supply landscape, according to a new report by S&P Global Ratings.The report noted that India’s drive toward petrochemical self-sufficiency mirrors China’s earlier expansion and could intensify competition in the region. “India’s capacity additions will significantly alter trade flows and increase competition among Asian producers,” said Ker Liang Chan, credit analyst at S&P Global Ratings.S&P estimated that public sector enterprises ..

Real Estate

07 Oct 2025

Maharashtra Sets Up Authority to Boost Self-Redevelopment

The Maharashtra government has established a Self-Redevelopment Authority to support citizens in independently redeveloping old buildings, marking a major policy step for Mumbai and the surrounding metropolitan region.BJP legislator and Mumbai District Central Cooperative Bank president Pravin Darekar will head the new Authority, which will offer end-to-end guidance on project planning, funding, developer selection, and execution. The initiative follows the approval of the state’s New Housing Policy earlier this year, which allocated Rs 2,000 crore to promote self-redevelopment.Officials sai..

Real Estate

07 Oct 2025

MHADA Revises Premium and Payment Rules for Redevelopment

The Maharashtra Housing and Area Development Authority (MHADA) has revised its 2007 redevelopment policy to make the redevelopment of ageing housing societies in Mumbai financially sustainable.The key change involves recalibrating premium charges for commercial floor space in projects under Regulation 33(5) of DCPR 2034. The new formula links premium rates to land value, market rate, and proposed usage, replacing the earlier rule that charged 1.5 times the residential rate for commercial areas.Developers’ body CREDAI-MCHI had sought parity between residential and commercial rates to encourag..