MUMBAI: The BMC will carry out cluster redevelopment and monetise its properties, said municipal chief Iqbal Chahal.
The corporation will appoint a “world renowned real estate consultant” to prepare a masterplan for its leasehold and tenanted properties spread across the city.
“The BMC is looking to generate Rs 10,000 crore annually from its leasehold/tenanted properties,” said Chahal. He said the coporation is considering inviting bids for development of municipal tenanted properties where cluster of buildings/plots within the same ward can be redeveloped.
“The entire rehab can be proposed on a single or on multiple plots within a cluster and one of the plots which may get vacated will be monetized by auctioning it,” he said.
In 2023-24 the civic estate department generated a revenue of Rs 34 crore from renewal of lease and another Rs 134 crore from one time premium for redevelopment of leasehold plots.
