Mumbai News: BMC Earns ₹1,152 Crore From Worli Asphalt Plant And Fort Market Plot After Cutting Base Prices

Mumbai: After reducing the reserve prices for two of its prime properties, the BMC has finally attracted interest from potential bidders. However, Chhatrapati Shivaji Maharaj Market property in Fort received a bid of Rs 369 crore, which falls short of the originally estimated revenue of Rs 430 crore. In contrast, the Worli Asphalt Plant site drew a higher-than-expected bid of Rs 783 crore, surpassing its estimated price of Rs 755 crore.

The BMC is offering these plots on a 30-year lease, with an option to renew for an additional 30 years. The revenue generated through these long-term leases is expected to support key infrastructure projects across Mumbai. After failing to attract the bidders the BMC had slashed the price and invited fresh bids.

As per the revised tender, the base price for the market plot, spanning 8,116.11 square meters, was reduced to Rs 428 crore, which was earlier estimated upto Rs 2,069 crore. Likewise, the base price for the Worli Asphalt Plant plot, which covers 10,847 square meters, is now set at Rs 755 crore, than its earlier valuation of Rs 2,175 crore.

The BMC has received three bids for the Worli plot, with the highest offer reaching Rs 783 crore. For the prime plot at Chhatrapati Shivaji Market in Fort, two bids were received, with the top bid at Rs 369 crore, according to sources.

The civic body had invited tenders in December 2024 for three prime properties: the Worli Asphalt Plant, the Fort plot, and a plot at the BEST substation in Malabar Hill. However, the auction for the Malabar Hill plot was cancelled following strong opposition from local residents. Despite this, the BMC proceeded with the auctions for the remaining two plots.