After much contemplation, the Mumbai Metropolitan Region Development Authority (MMRDA) has put up three plots for lease in Bandra-Kurla Complex (BKC) to raise funds. All the plots are of 12,486 sqm (65,000 sqm built-up area), 3,000 sqm (12,000 sqm built-up area) and 2,961 sqm (12,000 sqm built-up area) and the MMRDA is expecting to raise Rs 3,000 crore from the auction.
Due to a slowdown in the realty sector, MMRDA had amended its policy for sale of its land bank in BKC. Instead of reserving a plot for solely commercial or residential purposes, the authority in December modified land usage and opted for mixed use at all its plots in the financial district.
Plots allotted or reserved for commercial activity in BKC’s G block, which has evolved into a top-end business and financial hub with corporate offices of top business houses, international banks, financial institutions and diamond merchants among others, will be permitted to utilise up to 30 per cent of the permissible buildable area for residential construction.
For plots reserved only for residential purposes, part of the structure will be permitted for commercial establishments, which is the ground and the first floor. MMRDA claims that the earnings will help the development body fund crucial infrastructure projects, including Metro corridors. It has recently approved an Rs17,000-crore budget for 2019-20, which includes Rs 7,500 crore for 10 Metro projects and Rs3,000 crore for MTHL on February 28.