The Mumbai Metropolitan Region Development Authority (MMRDA) is set to bolster its financial position through the strategic leasing of seven prime plots in the prestigious Bandra-Kurla Complex (BKC). This move is expected to generate a substantial revenue of Rs 5,497 crore.
The authority has earmarked three of these plots for residential development and the remaining four for commercial purposes. To maximize the value of these prime assets, the MMRDA has opted for an 80-year lease tenure. The commercial land has been base-priced at Rs 3.4 lakh per square meter, while residential plots are valued at Rs 3.5 lakh per square meter. The commercial parcels range in size from 4,956 to 8,412 square meters, while the residential plots measure between 4,974 and 5,876 square meters.
The MMRDA faces significant financial challenges in executing its ambitious infrastructure projects, including an extensive Metro network. By monetizing these valuable land assets, the authority aims to alleviate its financial burden and accelerate the implementation of its development plans. The funds generated from the land leases will be crucial in supporting the MMRDA’s efforts to enhance Mumbai’s infrastructure and overall urban development.
This strategic initiative underscores the MMRDA’s commitment to optimizing its resources and maximizing the value of its land holdings. By attracting developers and investors to BKC, the authority is also contributing to the continued growth and development of Mumbai’s premier business district.
