12lakh sq ft of land up for grabs in BKC | mumbai | Hindustan Times
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12lakh sq ft of land up for grabs in BKC

mumbai Updated: Feb 01, 2011 01:43 IST
Zeeshan Shaikh

Those looking to buy commercial space in Bandra Kurla Complex will get more options this year.

At least 12lakh sq ft of land is likely to be put up for sale after the Mumbai Metropolitan Region Development Authority (MMRDA) sells of this space as additional Floor Space Index to buyers. MMRDA is expected to make Rs1,400 crore from this deal.

“We are selling nearly 12 lakh sq ft of FSI to these builders. This will mean there will be more space to build commercial areas in BKC,” a senior MMRDA official said.

The FSI of a plot of land determines how much a builder can build on that plot.

The FSI that has been sold is in G Block, the most lucrative commercial destination in Bandra Kurla Complex. It houses offices of major banks and the Bharat Diamond Bourse.

The state’s urban development ministry in May 2008 had doubled the FSI for G Block from 2 to 4.

At least 178 hectares of land were affected by this order. Anyone who had 100 sq ft of land and was earlier allowed to build an area of 200 sq ft would now be allowed to build up to 400 sq ft on this land.

However, builders and owners such as the National Stock Exchange, ICICI, IL&FS and UTI, who had constructed before the notification came, did not get the benefit of the enhanced FSI.

The MMRDA then decided to come out with a scheme to sell additional FSI to these entities at a premium.

“We have received 19 requests for additional FSI which we are selling at Rs97,950 per sq metre and it will get us Rs1,400 crore,” joint project director Dilip Kawathkar said.

Some of the applicants for extra FSI include ING Vysya Bank, Oriental Bank of Commerce, State Bank of India, The Reserve Bank of India, Hiranandani Group, K Raheja, Trident Hotel and Wadhwa Group.

Many of the buildings in the complex house corporate offices of companies while a portion of the built up space is been leased to other corporates for their offices.