Mumbai: MMRDA gets Rs 3,840 cr from auction of three prime BKC plots

Representational Image. Pic/MMRDA

The Mumbai Metropolitan Region Development Authority (MMRDA) netted more than Rs 3,840 crore from the auction of three prime commercial plots in Bandra-Kurla Complex (BKC), the bids of which were opened on Friday, officials said, reported news agency PTI.

Japanese firm Sumitomo Corporation's Indian arm, Goisu Realty Pvt Ltd, emerged as the highest bidder for Plots C-13 and C-19, while a consortium led by Schloss Bangalore Ltd bagged Plot C-80, they said.

MMRDA had invited bids for leasing out three prime plots in BKC, the biggest business district of the country's financial capital, for 80 years, they added.

"On Friday the bids were opened. Goisu Realty quoted Rs 1,360.48 crore for Plot C-13, against a reserve price of Rs 974.51 crore, translating to Rs 4,80,945 per square metre of built-up area (BUA) premium of 39.61 per cent. For Plot C-19, the company bid Rs 1,177.86 crore against the reserve of Rs 840.12 crore, with a rate of Rs 4,82,992 per sq. metre, marking a 40.20 per cent premium," an official said, reported PTI.

In both cases, the second-highest bid came from Bandra Kurla Office Asset Pvt Ltd, a subsidiary of Mapletree Investments Pte Ltd, which quoted Rs 3,45,000 per sq. metre, which was marginally above the reserve, he said.

"For Plot C-80, the highest offer of Rs 1,302.16 crore was submitted by a consortium of Schloss Bangalore Ltd, Arliga Ecospace Business Parks, and Schloss Chanakya Pvt Ltd. The quoted rate of Rs 3,87,000 per sq. metre was 12.34 per cent above the reserve price of Rs 1,159.16 crore," he informed, reported PTI.

The strong bidding turnout highlights the strong demand for commercial space in BKC, the official pointed out.

"The winning bids reflected strong premiums of up to 40 per cent over reserve prices, indicating buoyant investor confidence in Mumbai's prime business district," he asserted.

MMRDA approves land allocation for MPCB's Paryavaran Bhawan in BKC

Meanwhile, MMRDA has approved the allotment of Plot No. C-79 in the G-Block of Bandra-Kurla Complex (BKC) to the Maharashtra Pollution Control Board (MPCB) for the construction of its administrative building, ‘Paryavaran Bhawan.'

This proposal was approved during the 159th Authority Meeting, chaired by Deputy Chief Minister and MMRDA Chairman, Eknath Shinde. The decision aligns with MMRDA's commitment to sustainable urban development and efficient land management. The strategic location will facilitate better coordination with government agencies and stakeholders.

MPCB, a statutory body under the administrative control of the Environment Department, Government of Maharashtra, had requested a plot for constructing its office building. As per the MMRDA Regulations, 1977, the Authority has granted the allotment for commercial use, recognizing the importance of MPCB's role in environmental governance.

(With inputs from PTI)