After almost five years, city planning authority MMRDA plans to put a few Bandra-Kurla Complex area land parcels on the block to finance various projects.
The Mumbai Metropolitan Region Development Authority (MMRDA), which had shelved plans to sell its land parcels due to the slowdown in the real estate sector, is planning to raise funds through such deals.
“We are undertaking large infrastructure projects which require huge investments. We have been leveraging funds and using the same money we have. But now it is the time to decide what is our requirement of funds and decision on land deals need to be understood and taken in this context,” said MMRDA additional metropolitan commissioner Sanjay Sethi.
Large projects undertaken by the MMRDA include the Rs. 23,136-crore Colaba-Bandra-SEEPZ underground corridor, the Rs. 28,900-crore Dahisar-Bandra-Mankhurd Metro and the more than Rs. 30,000-crore Wadala-Teen Hath Naka metro project.
MMRDA plans to sell off its G-Text block, which is around 22 hectares, in phases, and expects nearly Rs. 4.5 lakh per square metre, sources said.
“For almost five years, we did not do a single deal because the market was not favourable and we thought we would not get the right price for our land. However, now things are improving. At the same time BKC has now reached that position where we can auction the space for residential and commercial development,” Sethi said.
To attract investor interests and get premium pricing for its land bank, MMRDA also plans to transform the BKC into a ‘smart financial district’ to strengthen its brand value, for which it has invited Expression of Interests (EoI).
However, he said that the decision on the same would be taken only after the new government is formed.