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Bollywood at Kharghar

india Updated: Jan 22, 2010 01:24 IST
G Mohiuddin Jeddy

A Rs 8,700-crore fantasy world is set to come up on the Kharghar plateau.

Future City Properties Private Limited, which won the bid to build Navi Mumbai’s showcase entertainment hotspot over 250 acres, fielded actor Lara Datta to present its plans for a Bollywood-themed dream world that would have everything from adventure parks to five-star hotels to fancy restaurants and luxury homes.

The City and Industrial Development Corporation (Cidco), the government agency that handles infrastructure in Navi Mumbai, got the highest bid — Rs 1530 crore to be paid in cash in one month, and an offer of 26 per cent equity in the Rs 8,700 crore project – from Future City.

The other bids were from India Bulls Real Estate Ltd in consortium with Abudhabi-based Centre of Excellence for Applied Research and Training (CERT); and GVK Developmental Projects Pvt. Ltd with Hindustan Construction Company (HCC) Real Estate.

The technical bids, which carried 30 per cent weightage, were submitted on January 14 and the financial bids on Thursday.

A technical evaluation committee comprising government officials, economists and top officials of the corporate
world rated the technical presentation.

The India Bulls-led consortium proposed an education-themed park and the GVK consortium an entertainment and leisure theme.

While the base price was Rs 630 crore, India bulls consortium bid Rs 1059.5 crore, GVK group Rs 808 crore and Future City Rs 1530.36 crore.

According to Cidco Public Relations officer Dr Mohan Ninawe, “While Indiabulls had scored the highest 96 per cent marks in the technical bids, the Future group which had secured 55 per cent marks, by virtue of its bid amount secured more marks in the financial bid securing a total of 86.50 per cent against 77.26 per cent of India bulls.”

“The consortium will be paying the bid amount in a month to Cidco. The 26 per cent equity in the project expected to cost around Rs 8,700 crore would thus ensure a total benefit to Cidco of around Rs 3,800 crore,” Ninawe said.

The project will be awarded to Future City following formal approval from the Cidco board. While the bid amount works out to Rs 15,303.6 per sqm, if the equity part is added, the land cost would work out to Rs 38,850 per sqm.