The Mumbai Metropolitan Region Development Authority has issued a tender for the e-auction of nine land parcels in the premium Bandra-Kurla Complex (BKC), expecting to generate at least Rs 9,200 crore from the proposed sale.
The move is part of MMRDA’s strategy to mobilise funds for large-scale infrastructure projects across the Mumbai Metropolitan Region. The authority regularly monetises land assets through long-term lease-based e-auctions, typically extending up to 80 years, to support its capital-intensive development agenda.
Under the latest proposal, nine plots in the G Block of BKC will be auctioned, comprising five commercial and four residential plots. Among them, Plot C-75 is the most valuable commercial parcel, with a reserve price of Rs 1,432.55 crore. Spanning 7,415 sq m, it offers a permissible construction area of 29,660 sq m.
Overall, the five commercial plots are expected to generate around Rs 6,620 crore, while the four residential plots are projected to bring in approximately Rs 2,664 crore. Reserve prices have been fixed at Rs 4.82 lakh per sq m for commercial land and Rs 3.52 lakh per sq m for residential land.
MMRDA officials said that past auctions have received strong investor interest. In earlier transactions, a Japanese firm acquired two plots measuring over 13,000 sq m for about Rs 2,538 crore, while a consortium led by Brookfield purchased an 8,411 sq m plot for Rs 1,302 crore. Additionally, land has been allotted to institutions such as the National Stock Exchange and the Maharashtra Pollution Control Board for the development of offices, including the “Paryavaran Bhavan.”
With BKC continuing to emerge as Mumbai’s key financial and commercial hub, authorities will closely monitor investor response to the upcoming auction, which is expected to draw both domestic and global real estate interest.
Source: Loksatta
