In an attempt to further commercially exploit Bandra-Kurla Complex, the city’s development agency proposes to de-reserve 4,210 sqm of a 5,000-sqm plot near the defunct Drive-In theatre and close to Mithi river.
The Mumbai Metropolitan Region Development Authority (MMRDA) had reserved the 5,000-sqm plot for a traction substation for the proposed railway line between Kurla and Bandra.
But as the agency is already building the Charkop-Bandra-Mankhurd Metro line, the railway line proposal has been scrapped.
The plot, which has a floor space index of four, could fetch the MMRDA nearly Rs 500 crore after de-reservation.
But the decision to allow commercial activity close to the river has upset environmentalists.
“The place lies exactly on the floodplain of the Mithi River. There is a danger that this area will get inundated during monsoon. Allowing commercial development in this area could be detrimental for all,” said an environmentalist closely
associated with the Mithi River conservation, requesting anonymity.
The MMRDA proposes to keep 799sqm of the plot for a traction substation for the Metro line and de-reserve 4,210 sqm for commercial use.
The agency, however, insists that it has merely floated the idea and would take a final call after hearing suggestions and objections from citizens.
“We are inviting suggestions and objections from the people on whether we should go ahead with the project,” said Dilip Kawathkar, joint project director, MMRDA.
The agency is looking at increasing its revenue through the Bandra-Kurla Complex, the city’s upcoming financial hub, which is spread over 178 hectares.
Currently, only 20 hectares of land is left for commercial exploitation at Bandra-Kurla Complex.
The MMRDA has not been able to sell a single commercial plot in Bandra-Kurla Complex since March 2008, when the agency had held its last commercial auction.
The MMRDA had put five plots, totalling 22,560 sqm, on the auctioning block, but had managed to sell only three.