MUMBAI: MMRDA, which hopes to raise nearly Rs 6,000 crore by leasing out seven of its land parcels in BKC, has found no taker for the three residential plots put up for financial bids but has managed to attract interest in three commercial ones.
MMRDA sources said there was no response to residential plots R-1.5 (5,409sqm), R-1.6 (4,974sqm) and R-1.7 (5,876 sqm), as well as commercial plot C-37 (4,956sqm). Two other commercial parcels—C-13 (7,071.9sqm) and C-19 (6,096.7sqm)—received bids from Japanese company Goisu Pvt Ltd and Bandra Kurla Asset Pvt Ltd, Singapore-based Maple Trees‘ Indian subsidiary. For commercial plot C-80 (8,441.9sqm), Brookfield-backed Schloss Bangalore Ltd was the lone bidder. MMRDA is expected to go for re-bids for the plots that got no response, said the sources.
The development potential of these plots is significant—C-13 offers 45,000sqm of built-up area, C-19 40,000sqm, and C-80 33,647sqm. MMRDA has offered an 80-year lease, with the reserve price set at Rs 3,44,500 per sqm of built-up area for commercial plots, and Rs 3.5 lakh per sqm for residential land.
The land deals are expected to provide a significant boost to MMRDA, which is facing a funds shortage owing to the enormous infrastructure spend projected for the decade—it is executing projects worth thousands of crores across MMR, including Metro corridors, elevated roads and key connectors. Unlike municipal corporations, MMRDA does not have the power to generate revenue through taxation and relies intead on land monetisation, commercial leases and infrastructure-related earnings, particularly from the Metro network.
In 2022, MMRDA earned Rs 2,067 crore after Goisu Realty Pvt Ltd secured the lease rights to two land parcels at BKC. In 2019, Goisu Realty had leased a 12,486sqm plot in BKC for Rs 2,238 crore, making it one of the largest land deals by a foreign company in India.
