The Mumbai Metro Rail Corporation Limited (MMRCL) is making calculated moves to sell off land parcels in Byculla, Marol, Mahim, and Dharavi, four desirable areas in south and central Mumbai. These plots, which span over 12,491 square meters along the Metro Line 3 route, are anticipated to be developed through direct sales, joint ventures, and public-private partnerships (PPP). This project is in line with MMRCL’s overarching objective of maximising land use while producing income to fund the city’s metro growth.
Previously, MMRCL attempted to auction a 4.2-acre plot in Nariman Point through a global tender, marking a historic first in the district’s history. However, with the Reserve Bank of India (RBI) expressing interest in acquiring the land for its headquarters’ expansion, the corporation withdrew the offer to evaluate the proposal. MMRCL has since invited financial bids from appointed advisors to oversee the upcoming monetisation process, with submissions expected this week.
The Byculla plot at Jacob Circle is one of the important sites being examined; it is 37,838 square feet in size and has 15,047 square feet suitable for development after the road is expanded. MMRCL is thinking about a cooperative development strategy with the Home Guard and the Police Department because of its proximity to Saat Rasta, Mahalaxmi Metro Station, and the Eastern Express Highway. In the meantime, the Mahim site in Nayanagar, which was once used for metro excavation, has been decluttered and set aside for institutional use in accordance with Mumbai’s Development Plan 2034. It may house facilities for research or teaching.
In Marol, Andheri East, MMRCL is planning a commercial ground-plus-10-story building above the Marol Naka Metro Station under a PPP framework. This development is expected to enhance business activity in the area. The Dharavi site, while smaller at 420 square meters, holds strategic importance due to its proximity to the future Dharavi Metro Station and accessibility via the Mahim-Sion Link Road. Although the total gross area measures 4,805 square meters, a significant portion is allocated for metro infrastructure. To facilitate the monetisation process, transaction advisers will be appointed to structure deals, conduct financial evaluations, and manage the bidding process.
The demand for residential and commercial real estate along metro corridors has increased due to Mumbai’s Transit-Oriented Development (TOD) strategy, which promotes higher Floor Space Index (FSI) close to metro stations. The feasibility of this strategy is demonstrated by the success of PPP models in metro developments in Hyderabad, Delhi, and Bengaluru. Strong demand is further shown by recent real estate trends along Mumbai’s Metro Lines 2A and 7, which bodes well for MMRCL’s most recent monetisation initiatives.
Source: Prop News Time
