Mumbai: MMRDA puts Rs 1,500-crore BKC plot on the market

The development body is auctioning a plot after nine years in Bandra-Kurla Complex’s G-block

Nine years after it last sold one of its plots in G-Block at Bandra-Kurla Complex (BKC), MMRDA is back with another plot in the same block.

The 12,486 sq m plot in G-Block has a built-up area of 50,000 sq m.
The 12,486 sq m plot in G-Block has a built-up area of 50,000 sq m.

Priced at Rs 2.95 lakh per sq m the development body has reserved the price for its 12,486 sq m plot with a built-up area of 50,000 sq m at Rs 1,475 crore. Interested bidders can collect the application forms between March 30 and May 23 till 12 pm and submit it along with an Earnest Money Deposit (EMD) of Rs 10 crore by May 30.

The advertisement published by MMRDA, inviting bidders, reads: MMRDA has been developing G-Block of BKC, as a finance and business district centre, at a centrally located place in Greater Mumbai. This plot will be available on a lease of 80-years, on payment of lease premium of R2.95 lakh per sq m on the built-up area for which sealed bids are invited.”

The fine print
MMRDA has clarified that though the final plot area might undergo minor changes after demarcation, the maximum permissible built-up area will remain 50,000 sq m. Permission from civil aviation will apply in case the buyer decides to construct a structure beyond permissible limit. Also, resultant additional built-up area may be made available at the quote rate per square meter or 200 per cent of the prevailing ready reckoner rate, whichever is higher.

Official speak
MMRDA Joint Project Director Dilip Kawatkar said, “This is the first bid that we have called for after 2007. We are expecting close to Rs 1,500 crore and above for this deal.”

Another officer claimed that the slump in the realty sector had forced MMRDA to hold on to its properties. He added that the revenue generated from this deal would be used for other projects.

Who can bid?
Financial service providers such as banks, financial institutions, non-banking finance companies, housing finance agencies, merchant banks, insurance agencies, asset management companies and mutual funds can bid. Even corporate or regional offices of leading Indian companies with minimum net worth of Rs 500 crore and a minimum annual turnover of R250 crore can jump into the fray. Corporate developers who cater to the above categories and other commercial activities related to financial institutions, banks and insurance agencies, front ranking Indian and foreign companies, IT, data processing, computers and telecommunication companies, trade and business promotion agencies and regulatory authorities are also allowed to bid.

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