MMRDA put up three BKC plots on lease for Rs 3,000 crore

Mumbai Metropolitan Region Development Authority (MMRDA) has put up three plots for lease in Bandra-Kurla Complex (BKC), earnings from which will help the development body fund crucial infrastructure projects, including Metro corridors. The plots are of 12,486 sqm (65,000 sqm built-up area), 3,000 sqm (12,000 sqm) and 2,961 sqm (12,000 sqm). The reserve price is set at Rs 3.4 lakh per sqm of built-up area. MMRDA hopes to earn around Rs 3,000 crore from the auction. MMRDA approved a Rs 17,000-crore budget for 2019-20, which includes Rs 7,500 crore for 10 Metro projects and Rs 3,000 crore for MTHL on February 28. Metropolitan commissioner R A Rajeev said they will use the money to fund infrastructure projects in Mumbai metropolitan region. A senior official said, "We have been allowed to marginally increase the height of buildings by the civil aviation authorities. As a result, more built-up area is available to developers." When MMRDA had tried to lease a 12,486 sqm plot two years ago, it had capped the built-up area at 50,000 sqm. With the relaxation in height, developers will be able to add built-up area of around 15,000 more. Due to a slowdown in the realty sector, MMRDA had amended its policy for sale of its land bank in BKC. Instead of reserving a plot for solely commercial or residential purposes, it opted for mixed usage at all its plot at the financial district.