Mumbai Metropolitan Region Development Authority (MMRDA) is preparing to raise nearly Rs 9,285 crore through the auction of nine premium commercial and residential plots in Mumbai’s Bandra-Kurla Complex (BKC). The authority plans to utilise the revenue generated from the land transactions to finance major infrastructure projects across the Mumbai Metropolitan Region (MMR).
According to an e-tender notice issued by MMRDA, all nine plots are located in the G Block of BKC and will be offered on an 80-year lease basis. The combined reserve value of the land parcels has been fixed at approximately Rs 9,284.88 crore.
Out of the total plots, five are designated for commercial use and together account for around Rs 6,620.63 crore of the total reserve value. The most expensive among them is commercial plot C75, which spans 7,415 square metres and permits a built-up area of nearly 29,660 square metres. The reserve price for this parcel has been set at Rs 1,432.55 crore.
The remaining four plots are earmarked for residential development and carry a combined reserve value of around Rs 2,664.25 crore. Among the residential parcels, plot R1.7 has the highest reserve price.
MMRDA has fixed the reserve rate for commercial plots at Rs 4.82 lakh per square metre of built-up area, while residential plots have been priced at Rs 3.52 lakh per square metre.
Interested bidders can access and download tender documents until May 22, while the deadline for submitting online bids has been scheduled for June 25. The authority will also conduct a pre-bid meeting through video conferencing on May 25 at its Bandra office.
Real estate industry observers believe the auction will serve as an important indicator of investor confidence in Mumbai’s premium property market, particularly within BKC, which continues to attract strong demand for commercial office spaces and high-end residential developments.
BKC remains one of India’s most prominent financial and commercial districts, housing major corporate offices, financial institutions, multinational companies, and key government establishments. The proposed auction is expected to further strengthen development activity in the business hub while supporting infrastructure expansion across the wider metropolitan region.
Source: The Free Press Journal
