The Mumbai Metropolitan Region Development Authority (MMRDA) is looking at generating at least Rs 656 crore by leasing out three plots for a hospital, a sports institute and educational institute. The development authority has already put up seven plots on the block with the aim of generating a minimum of Rs 5,497 crore.
The lease period for the three plots for which auction bids have been invited by MMRDA will be 80 days, the same period as for the seven land parcels announced in August.
Of the 10 plots, four are meant for commercial purposes, three for residential use and one each for a hospital, an educational institute and a clubhouse-cum-sports facility. This means that a total of 1,10,078 square metres with a permissible built-up area of 2,11,896.26 square metres could be monetised over the next few months.
Among the three new plots to go on the block, the one earmarked for academic purposes is 5,117.85 square metres with an FSI of 2. MMRDA is looking at fetching a minimum of RS 164.87 crore from this. For the 10,026.44 square metres of land reserved for a hospital, it hopes to draw in Rs 322.99 crore and has made 2 FSI available. The plot for the clubhouse-cum-sports facility is far bigger at 52,138.43 square metres with a minimal FSI of 0.20 and a reserve price of Rs 167.96 crore.
“The proceeds from the lease plots will be utilised towards various ongoing and planned infrastructure projects in the Mumbai Metropolitan Region (MMR),” said an MMRDA official.
As of June, MMRDA was saddled with a debt of Rs1,03,622 lakh crore. In mid-September, it signed a loan agreement with the Power Finance Corporation to avail of Rs 31,674 crore while earlier this month it was looking at raising Rs 16,577 crore in debt for more infrastructure projects planned across MMR. These together take the consolidated debt burden on MMRDA to Rs 1,51,873 crore.
In the last couple of decades, the development authority has extended lines of credit, grants-in-aid and reliefs of up to Rs 6,000 crore to various urban local bodies within the MMR, recovery of which seems a distant reality.
Apart from land monetisation, MMRDA draws revenue from the state government through a levy of 1% metro cess on real estate transactions. It is yet to receive nearly Rs 3,500 crore from the BMC and is also looking at raising Rs 50,000 crore via bonds.
During the ongoing fiscal 2024-25, MMRDA has estimated receipts of Rs 39,453 crore while its expenditure is estimated at Rs 46,921.29 crore.
