The Maharashtra State Road Development Authority (MMRDA) hopes to get developers for its much-awaited commercial amalgamated plots at Bandra Kurla Complex (BKC) in New Year. The agency has extended the deadline for the same upto January 7, 2021, inviting developers to participate in the auction process. The estimated reserve price of the said plots is Rs 3.44 lakh per square metre of the built up area. Interested parties will have to quote a higher price above the reserve price and those who will offer the best price will be able to make this deal.
As an initial process, developers will have to make an earnest money deposit (EMD) through a bank guarantee worth Rs 20 crore and EMD through online transfer of Rs 5 lakh, while the tender cost is Rs 1 lakh. The permissible built up area on the lease of the amalgamated commercial plots at G-block of BKC is 30,000 sq. mt.
Interestingly, the MMRDA had been looking for good dealers since the last year, however; it was unable to get any successful bidder for the plots due to the slowdown in the real estate industry. In addition, the pandemic induced lockdown also affected the plan. The authority usually funds its infrastructure projects by selling such land parcels. Reportedly, through this deal too it plans to fund its ongoing infrastructure projects that include Metro corridor, Mumbai Trans Harbor Link (MTHL) and other big ticket projects.
Earlier, it successfully managed to sell one plot at BKC to a Japanese company Sumitomo for a whopping Rs 2,238 crore. According to realty experts, it was one of the most highly valued deals by MMRDA in its history.