MMRDA waits to lease plots to part finance infra projects in Mumbai

02 Aug 2021 CW Team

The Mumbai Metropolitan Region Development Authority (MMRDA) has been waiting for two plots in the Bandra Kurla Complex (BKC) to be leased out for a long time.

To help fund infrastructure projects, MMRDA is looking to lease out two plots in Mumbai and the rest of the Mumbai Metropolitan Region (MMR).

Within the Bandra Kurla Complex's Central Business District, the MMRDA has been attempting to monetise plots C-44 and C-48. It aims to raise at least Rs 3,44,448 per sq m of allowable built-up area.

The combined plot area of both land parcels is 6,018.90 sq m, with a permitted built-up area of 30,000 sq m.

As a result, the MMRDA expects to raise a minimum of Rs 1,033.34 crore at the reserve price.

The MMRDA has been attempting to monetize its Bandra Kurla Complex land bank for several years. It first advertised plot C-65 for lease in 2016, but it didn't receive a bid until early 2019 when it also advertised plots C-44 and C-48.

Sumitomo Corporation, a Japanese conglomerate, purchased the C-65 plot for Rs 2,238 crore. The offer letter was written to Goisu Realty for an 80-year lease.

The MMRDA changed the reservation of all plots in the financial district from solely commercial to mixed-use – a mix of residential and commercial – to make the deal more lucrative for real estate players.

The MMRDA has been working on several infrastructure projects over the last few years, the most capital-intensive of which are the MMR metro lines. The total cost of all infrastructure projects exceeds Rs 1 lakh crore. It has borrowed money from international bilateral and multilateral development banks, among others, in addition to internal accruals.

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Also read: MMRDA to connect Ram Mandir railway station to Goregaon metro station

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