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Auction for iconic tower plot today

mumbai Updated: May 25, 2010 02:19 IST
Zeeshan Shaikh
Zeeshan Shaikh
Hindustan Times
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The 25,000 sq metre plot in Wadala where the MMRDA (Mumbai Metropolitan Region Development Authority) had originally planned to build a 101-storey iconic tower will be up for grabs today.

The plot, which will have a permissible built-up area of 4,95,000 sq mtrs (with an FSI of 4) will be leased for a period of 65 years.

MMRDA has set a reserve price of Rs 40,000 per sq mtr and is seeking a minimum price of Rs 1,980 crore.

After having first abandoned the idea of a 101-storey tower in the face of an unresponsive market, the authority has now also dropped its condition of building a single tower.

Winning bidders can build multiple towers on the plot, it has said.

“A large number of corporates have evinced interest in this piece of land,” MMRDA spokesperson Dilip Kawathkar said on Monday.

There are 14 bidders in the fray: Sheth Infrastructure Ltd, Shriram Urban Infra Ltd, DB Realty, Reliance Infra, Bhakti Realty, India Bulls, Parinee Developers, Godrej Pvt Ltd, Ackruti Ltd, Sunteck Realty, Gaurhati Estate, Lodha Crown, Raheja Universal and Acne Housing.

MMRDA had last year received three bids for building the iconic tower, from Australian firm Hyder Consulting, Essar Realty (along with a Dubai-based firm) and Reliance Infrastructure (along with a Chinese partner).

However, MMRDA was not happy with the offers and had decided to go in for re-tendering.

MMRDA officials said the winning bidder at Tuesday's auction will have to pay the amount in the next five years.

There have been no successful MMRDA land auctions in the last 25 months.

With the markets down, MMRDA’s last auction to sell a 3,162 sq mtr plot in the Bandra-Kurla Complex in January this year failed due to lack of buyers. MMRDA had hoped to get Rs 94.87 crore from the auction.

The slump in Mumbai’s realty market in the last two years had meant that the last commercial auction of land by MMRDA - at the BKC - was carried out in March 2008.