MMRDA extends bidding date for lease of BKC land parcels
The Mumbai Metropolitan Region Development Authority (MMRDA) has extended the bidding date for the lease of two land parcels in India’s costliest commercial district, the Bandra Kurla Complex (BKC), to September 29, 2023. The land parcels measure 13,168 sq metres (sq m) in total.
The MMRDA had floated bids for an 80-year lease of these plots in May 2023, hoping to collect Rs 2,928 crore. However, the last date for the submission of the bids has been extended due to clarifications related to foreign direct investment (FDI) and Goods and Services Tax (GST) that are awaited from the government.
The two plots that are up for lease are in G Block of BKC, which houses several multinational companies, banks, and also has the US consulate in its vicinity.
One of the plots, named C-13, measuring 7,071 sq m and with a permissible built up area of around 4.84 lakh sq ft, has a reserve price of Rs 1,550.25 crore. The other plot measuring 6,096 sq m has a permissible built up area of 4.30 lakh sq ft, and a reserve price of Rs 1,378 crore.
While only commercial buildings may be constructed on the plots, however, the MMRDA may allow mixed use subject to approval from the Maharashtra government. Under this, 30 percent residential construction may be allowed on the plots.
The MMRDA has seen good response in the pre-bid meeting from global as well as domestic players, and is confident of closing the bidding process in the coming months. The extension in the bidding date is purely on account of clarifications awaited from the government in relation to FDI norms and GST taxation. Once these clarifications are received, the MMRDA will upload them and conclude the bidding procedure.
The BKC is among the most premium commercial districts of India and houses, among others, the National Stock Exchange, Bank of Baroda, Indian Oil, Reserve Bank of India, etc. In the near future, the BKC will have a terminal for the upcoming Mumbai-Ahmedabad bullet train, and the Maharashtra government is also going to construct an International Financial Service Centre (IFSC) at BKC.
The extension of the bidding date is a positive development for the real estate sector in Mumbai. It shows that there is strong demand for commercial space in the city, even in the current economic climate. The MMRDA is confident of receiving good bids for the two land parcels, and this could further boost the real estate sector in Mumbai.
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