Eyeing ₹2,928.25 crore revenue in the next few months, the Mumbai Metropolitan Region Development Authority (MMRDA) is looking to monetise a part of its land bank at the business district of Bandra Kurla Complex (BKC). The proceeds from leasing out of two plots will be utilised to finance several ongoing and planned infrastructure and transportation projects in the Mumbai Metropolitan Region (MMR).
This week, the MMRDA has called in for bids to lease out C13 and C19 plots in the G-Block of BKC. These plots will be on lease for a period of 80 years. The leasing activity is part of the MMRDA’s plans, as approved in its budget for the current fiscal, to raise ₹4,217 crore revenue from the sale of lands.
Though the plot is marked for commercial purposes, the documents accessed by The FPJ showed that up to 30% of the area can be used for residential spaces. With a reserve price of ₹3,44,500 per sq m of the built-up area, the MMRDA looks at generating a minimum of ₹2,928.25 crore in revenue. Of the two plots, C13 has an area of 7,017.90 sq m with a permissible built up area of 45,000 sq m, which translates into a reserve price of ₹1,550.25 crore. The second plot is 6,096.67 sq m, with a permissible built up area of 40,000 sq. m. The reserve price of C19 is ₹1,378 crore.
The last monetisation of plots was done in last October, when after a wait of four years, the MMRDA had managed to lease out two of its prime land parcels in the BKC for ₹2,067 crore.
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