In order to raise funds to finance various big ticket projects within Mumbai, the Mumbai Metropolitan Region Development Authority (MMRDA) has come up with sale of another of its assets. This time, it has put up over 86,000 sqmt of Transferable Development Rights (TDR) that it generated over a period of years on sale.
The officials expect to fetch a minimum of Rs315.62 crore only if the entire 86,828.12 sqmt of TDR is picked up by the private developers. The reserve price has been kept at Rs36,350 per sqmt.
"Out of the 86,828.12 sqmts, the largest chunk of 36,160.26 sqmt is from Majas in Jogeshwari (E), followed by 33,524.28 sqmt from Hariyali Village in Vikhroli (E), while the remaining were from Ghatkopar and Goregaon areas," shared a senior MMRDA official.
The previous attempt to sell the TDR was made in January, wherein the MMRDA had come out with sale of 30,000 sqmt of TDR with an expectation to earn a minimum of Rs154 crore. But it did not receive enough response from the realty market to buy the entire 30,000 sqmt. It sold just over 15,000 sqmt to five private companies at an average price of Rs38,000 per sqmt against the reserve price of Rs36,350 per sqmt. Therefore, generated around Rs59 crore.
The latest revenue raising attempt was made in the previous month when it put up for auction one of its biggest plot in financial district of Bandra Kurla Complex for 80 years of lease. From this plot, spread over 12,486 sqmt marked for "Commercial Purposes", it anticipates to garner at least Rs1,479 crore as it has permissible built up area of 50,000 sqmt and reserve price being Rs2,95,800 per sqmt.
For the current fiscal year, MMRDA's budget has swelled to Rs6,647.67 crore to implement various projects in Mumbai, which includes Mumbai Trans Harbour Link between Sewri and Nhava, Dahisar-DN Nagar and Andheri East-Dahisar East and Colaba-Bandra-Charkop Metro rails, Mumbai Monorail between Wadala Depot and Jacob Circle, Chheda Nagar Junction flyovers, Santa Cruz Chembur Link Road Extension, etc. Thus, requiring funds by selling off its assets (land banks) to achieve the goal of upgrading city's transportation and infrastructure network.
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 "MMRDA comes up with sale of another of its assets")
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