Development agency floats tenders for Wadala tower project

The day bidders turned their back on bidding for land at the Bandra-Kurla Complex the Mumbai Metropolitan Region Development Authority (MMRDA) has decided to float tenders for the planned iconic tower at Wadala, reports Zeeshan Shaikh.

The day bidders turned their back on bidding for land at the Bandra-Kurla Complex the Mumbai Metropolitan Region Development Authority (MMRDA) has decided to float tenders for the planned iconic tower at Wadala.

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The MMRDA is seeking at least Rs 2,475 crore for the land parcel.

“We have floated the bids for land disposal at Wadala which will be given on a 65 year lease. We are seeking Rs 2475 crore for the same,” MMRDA’s additional chief (transport

and communication) R. Ramanna said.

The MMRDA is planning to sell the 25,000 sq m plot which will have a permissible built up area of 4,95,000 sq m.

The MMRDA has set a reserve price of Rs 50,000 per sq m and is seeking a minimum price of Rs 2,475 crore.

MMRDA had earlier planned a 101-storey tower at the same spot but later decided to scale down the tower to 80 storeys in face of an unresponsive market.

MMRDA had earlier received three bids for building the Iconic Tower from Australian firm Hyder Consulting; Essar

Realty along with a Dubai-based firm and Reliance Infrastructure along with a Chinese partner.

However, MMRDA has not been happy with the offers received and had decided to go for re-tendering.

MMRDA officials said that the new tenders were being floated in view of the down ward spiral that had hit the real estate market.

The development agency had plans of leasing out the tower space and expected to earn revenues of Rs 1,800 crore every year as rent.