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MMRDA waited for best deal

The Mumbai Metropolitan Region Development Authority (MMRDA) waited for the best deal for the Wadala plot. And got it.

mumbai Updated: May 26, 2010 02:15 IST
Zeeshan Sheikh

The Mumbai Metropolitan Region Development Authority (MMRDA) waited for the best deal for the Wadala plot. And got it.

It leased a 25,000-square-metre plot in Wadala for Rs 4,050 crore after rounds of re-tendering.

MMRDA had received three bids for the plot last year from Australian firm Hyder Consulting, Essar Realty along with a Dubai-based firm, and Reliance Infrastructure in partnership with a Chinese firm. MMRDA was not happy with the offers and decided to go for re-tendering.

There have been no successful land auctions by MMRDA in 25 months. MMRDA’s auction of a 3,162-square-metre plot in January had no takers. MMRDA was hoping to get Rs 94.87 crore from the auction.

The MMRDA’s last commercial auction was in March 2008 when it put five plots in Bandra Kurla Complex, totalling 22,560 square metres, up for sale. The MMRDA managed to sell only three of the five plots. Jet Airways, in that auction, bought a 24,000-square-metre commercial plot at Rs 3.44 lakh per square metre for Rs 826 crore for building its global headquarters.

The MMRDA’s last land auction was in August 2008 in BKC again. It was only for institutions or public trusts engaged in education or medicine. The 5,900-square-metre plot was sold for Rs 92 crores.

For the other two residential plots, Star Light Systems emerged as the preferred bidders quoting a price of Rs 3.52 lakh per square metre. The two plots, 7,050 square metres each, cost Rs 496 crore. Tuesday’s bid winner Lodha Group plans to construct luxury towers.