Mumbai Metropolitan Region Development Authority has decided to market with BKC plot after 6 yrs.

Q: The MMRDA had last tried to sell land in the BKC in 2010 but unfortunately failed to get a single bidder.

Sashidharan,

5th April 2016

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To get global investors and lift BKC's image internationally, this time, the MMRDA has engaged real estate services firm CBRE to conduct road shows with major companies across global financial capitals ahead of the auction.

Samrat,

5th April 2016

Comment

Hi Samrat,
And this time MMRDA is not in mood to take any risk and expects a healthier response this time on the back of a few key changes it has approved in its land regulations. Instead of 4 yrs, the land allottee will now be given 6 yrs to complete construction without being charged any penalty.

Santosh TR,

5th April 2016

@Santosh,
One more thing which i heard that the company which clinches the deal will have a 9-month time period to make the entire payment to the MMRDA, instead of the earlier 2-months.

They also know that market is not strong enough this time so, they decided to keep the reserve price slightly lower than the amount they got last time.

Rajatrawal, Mumbai

5th April 2016

Believe it or not but the truth is that the MMRDA, which does not get any budgetary helps from the state but still they are funding various infrastructure works in the Mumbai Metropolitan Region by raising finances through its land bank.

Santosh TR,

5th April 2016

As the commercial real estate market recovering slowly, the Mumbai Metropolitan Region Development Authority (MMRDA) has decided to auction one of its largest remaining commercial plots in the business districts, expecting to collect in a minimum of Rs. 1479 crore.

Samrat,

5th April 2016

Comment

Yes, in 2010 they had failed to attract a single bidder. But the MMRDA’s last successful auction was in 2008. Now after 6 yrs. the authority has set a similar reserve price of Rs. 295800/sq-mt, for a total permissible built-up area of 50000 sq-mt. The plot, roughly 1.5 hectare in size, is located at BKC's prime G Block, close to area proposed to be declared as an International Financial Service Centre.

Rajatrawal, Mumbai

5th April 2016