After a long wait of 21 months, the Mumbai Metropolitan Region Development Authority (MMRDA) has decided to put a 3,162 sq m plot on auction.
The 3162.47-sqm plot is located in BKC’s G Block and has a permissible built-up area of 14,500 sq m.
MMRDA has set a reserve price of Rs 3 lakh per sq m of the built up area and is expecting to rake in a minimum of Rs 435 crore from the sale.
The slump in Mumbai’s realty marked had forced MMRDA to put commercial auctions of land in Bandra-Kurla Complex on hold.
The last commercial auction was carried out March 2008.
“We have asked interested parties to bid for the land on G Block. We hope to open the bids in March,” MMRDA’s spokesperson Dilip Kawathkar said.
Commercial value of G Block increased further in May 2009 after the state government doubled the floor space index (FSI) from 2 to 4, giving developers more area to build.
The 178-hectare BKC, which has come up on marshy land, is the second most expensive commercial address in the city after Nariman Point.
The G Block of the BKC is considered the most prestigious block, housing offices of Citibank, Nabard, ICICI Bank and the Bharat Diamond Bourse.
The last commercial auction was carried out by MMRDA in March 2008 when it put out five plots totalling an area of 22,560 sq m.
Only three of the five plots were sold.
Jet Airways, in that auction brought a plot of 24,000 sqm at Rs 3.44 lakh per sqm for a total of Rs 826 crore for building its global headquarters.
The other two residential plots were sold to Delhi-based Star Light Systems, at Rs 3.52 lakh per sqm. The two plots of 7050 sqm each cost Rs 496 crore.
MMRDA’s last land auction in BKC was held in August 2008. The plot was reserved for educational and medical institutions and public trusts and was not thrown open to commercial bidding.
The 5900-sqm plot was sold for Rs 92 crore.