Developer bought Wadala land for Rs4,050 crore

The Mumbai Metropolitan Region Development Authority (MMRDA) had hoped that the Metro work would be completed by December 2010 and hence sold the six-hectare Wadala plot used by Mumbai Metro One Pvt Ltd (MMOPL) for the purpose, to a private builder for Rs4,050 crore.

The Mumbai Metropolitan Region Development Authority (MMRDA) had hoped that the Metro work would be completed by December 2010 and hence sold the six-hectare Wadala plot used by Mumbai Metro One Pvt Ltd (MMOPL) for the purpose, to a private builder for Rs4,050 crore.

HT Image

However, work on the Metro has been hit by repeated delays and civil work is not expected to be completed before the year-end.

MMRDA, the nodal agency for developing the city’s Metro system, had handed over the plot to Mumbai Metro One Pvt Ltd in 2007. As per plan, MMRDA was to hand over a plot at Andheri for the casting yard, but could not do so as the land was under litigation.

Work on the Metro began in February 2008 and Mumbai Metropolitan Region Development Authority had been hoping it would be finished by December 2010.

MMRDA put the Wadala plot up for auction and Lodha Group bought it for a whopping Rs4,050 crore. The casting yard is located on part of this plot and the entire land has to be handed over to the Lodha Group by March 2011. The already delayed Metro work put MMRDA in a spot, so it decided to ask Mumbai Metro One Pvt Ltd for its land back.

“Work on the Metro has been delayed. Mumbai Metro One Pvt Ltd will have to move as they have crossed the designated deadline for the project and we have to hand over the plot to the winning bidder,” a senior MMRDA official said.

Mumbai Metro One Pvt Ltd officials are hesitant to move out. “We have requested MMRDA to allow us to use the casting yard for a few more months. We are planning to finish civil work by November,” Mumbai Metro One Pvt Ltd director KP Maheshwari said.