In a deal that reflects the boom in the real estate sector, the Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday auctioned its 25,000 sq mtr Wadala plot for Rs 4,050-crore.
The plot has been leased to the Lodha group for 65 years.
The MMRDA had set a reserve price of Rs 40,000 per sq mtr, but the group bid double the amount, at Rs 81,818.18 per sq mtr. It will pay the amount over the next five years.
“There were four bidders and Lodha emerged as the preferred bidder by quoting a price of Rs 4,050 cr for the plot,” S.V.R. Srinivas, additional metropolitan commissioner, said.
The cost works out to Rs 7,600 per sq ft for the land alone, which means flats on the plot will be pegged far higher. The builder proposes to construct luxury residential towers on the plot.
The plot also has a Floor Space Index of 19.1. The maximum permissible FSI in Mumbai is at Bandra-Kurla Complex — 4. The MMRDA had earlier planned to build a 101-storeyed tower.