The Mumbai Metropolitan Region Development Authority (MMRDA) has recently opened tenders for e-auction of a total of seven plots in Bandra-Kurla complex. The tender has received a mixed response. Tenders have been submitted for only three out of seven commercial plots and zero response has been received for three residential plots including one commercial plot. Leading companies from Japan, Singapore and Canada have shown interest in purchasing three commercial vessels. Scrutiny of submitted tenders is currently going on by MMRDA and after the finalisation of the tenders, the final decision regarding the plot sale will be taken. Therefore, if these three plots are sold, the coffers of MMRDA will add at least INR 2974 crores.
As a planning authority, MMRDA is implementing many infrastructure projects in Mumbai Metropolitan Region (MMR) such as Metro, Coastal Bridge, Coastal Route, Double Tunnel, Elevated Road, Flyover. The MMRDA still has no major source of income. However, since the beginning, MMRDA has been meeting the cost of the project by selling plots in BKC. Accordingly, many plots have been sold by MMRDA so far. In 2024, MMRDA had conducted a tender process for e-auction of a total seven plots in BKC.
The MMRDA had fixed the rate (bid) of INR 3 lakh 44 thousand 500 per square meter for the e-auction of the plots.The rate (bid) was fixed as per meter. Due to the lack of response to this tender, several changes were made in the tender by extending the tender period. Accordingly, tenders for seven plots have been opened recently and three out of seven plots have received good response. Metropolitan Commissioner Dr Sanjay Mukherjee informed Loksatta that leading companies in the property market in Japan, Singapore and Canada have responded for three plots of land for commercial use.
Two tenders have been submitted for plot number C13 of 7071.90 square meters in BKC and these tenders are from Sumitomo Realty and Development Company Limited of Japan and Maple Tree Company of Singapore. Two tenders have also been submitted for Plot No. C 19 measuring 6096.67 square meters. These two tenders also belong to Japan's Sumitomo Realty and Development Company Limited and Singapore's Maple Tree Company. At the same time, Dr. Mukherjee said that a tender has been submitted for a C80 plot of 8411.88 square meters and this tender is from Brookfield Corporation Company in Canada.
Scrutiny of the submitted tenders is currently going on and it takes a long time for the actual sale of the plots after the tenders are finalised. However, with five tenders submitted for three plots, the possibility of MMRDA getting INR 2,974 crore from the sale of these plots has increased. Meanwhile, three residential plots along with one commercial plot have not received any response. A decision in this regard will be taken soon. But due to the non-response of these four plots, MMRDA will have to wait for some more time for the estimated revenue of INR 3000 crore.
Success of the Davos tour
At the World Economic Forum (WEF) held in Davos in January, MMRDA signed 11 important MoUs worth USD 40 billion (INR 3.5 lakh crore) investment. This investment agreement was made with companies in the UK, USA, Singapore, Canada, Japan. In that case, the three companies that have submitted tenders for the three plots are among the companies that signed the investment agreement at Davos. Hence, the response to the e-auction of plots, the success of the Davos tour is attributed by MMRDA.
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