Mumbai: After a gap of more than 15 years, the Mumbai Metropolitan Region Development Authority (MMRDA) is set to auction a premium land parcel near the Wadala Truck Terminal, signaling renewed momentum in Mumbai’s commercial real estate market.
The 10,860 sq m plot, part of the Wadala Notified Area, comes with a reserve price of ₹1,629 crore and will be leased for 80 years. With a generous Floor Space Index (FSI) of 10, the winning bidder can construct up to 1,08,600 sq m of built-up space. MMRDA officials said the reserve rate is expected to be fixed at around ₹1.5 lakh per sq m, reflecting strong confidence in market revival.
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As per MMRDA’s 2019 Development Control Regulations, the plot can host mixed-use developments, from offices, hotels, restaurants, and malls to healthcare, cultural, and educational spaces. The idea is to create a self-sustaining business and leisure district that could rival Bandra Kurla Complex (BKC), according to report by HT.
This auction marks MMRDA’s return to Wadala since 2008, when attempts to lease smaller plots failed due to the global financial crisis. Two years later, the Lodha Group’s ₹4,053-crore bid for a nearby 25,000 sq m plot became one of Mumbai’s biggest land deals, resulting in the New Cuffe Parade township.
Wadala’s appeal lies in its strategic location and untapped potential as a future commercial hub. However, connectivity remains a challenge, with the suspended monorail service limiting access. MMRDA is banking on the Metro 4 and 4A corridors, linking Wadala to Thane by 2027, and the upcoming Metro 11 line to the Gateway of India to transform the area’s transport landscape.
Officials say proceeds from the auction will help fund MMRDA’s ambitious infrastructure projects, including metro corridors, flyovers, and regional road networks, as the authority aims to build the next growth centre for Mumbai’s economy.
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