Mumbai News: BMC Re-Tenders Prime Plots At Chhatrapati Shivaji Market And Worli Asphalt Plant, Slashes Revenue Estimate To ₹1,100 Crore

Mumbai: The BMC has re-tendered the auction for two prime properties—one located at the Chhatrapati Shivaji Market in Fort and the other at the Worli Asphalt Plant. However, after an earlier lack of responses, the BMC has slashed its estimated revenue from Rs 4,000 crore to Rs 1,100 crore for the 30-year lease of these plots.

The BMC had initially invited tenders for three prime plots: Chhatrapati Shivaji Market in Fort, the Worli Asphalt Plant, and a plot at the BEST substation in Malabar Hill in December 2024. While the auction for the Malabar Hill plot was scrapped after facing strong opposition from local residents, the civic body pressed ahead with plans to auction the remaining two properties.

As per the revised tender, the base price for the market plot, spanning 8,116.11 square meters, has been 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 change in prices is a result of the BMC's decision to revise the pricing structure, now based on the approved zonal Floor Space Index (FSI) rather than the maximum usable FSI," said a senior civic official.

Notable companies such as L&T, Godrej Properties, Welspun World, HN Safal, Runwal Developers, DB Realty, and representatives from various architectural firms expressed interest during the pre-bid meeting held last year. They explored the possibility of acquiring these prime plots on a 30-year lease but ultimately did not submit bids.

This marks the first time the BMC has proposed leasing out its plots for a 30-year term, with an option for renewal for an additional 30 years. The proceeds from these leases are expected to contribute significantly to supporting various infrastructure initiatives undertaken by the civic body.