MMRDA set to sell five more properties at BKC

MUMBAI: Almost three months after receiving record bids for plots in the suburban Bandra Kurla Complex business district, the Mumbai Metropolitan Region Development Authority (MMRDA) is set to sell five more properties.

Out of the five plots, two are meant for developing residential structures while one is meant for development of a clubhouse and gymnasium, as per the MMRDA document inviting bids for the property.

The other two commercial properties are of 7,131 and 5,951 sq metres area and have a built up area of 28,000 and 24,000 sq metres respectively.

During the last sale of properties at the complex in November, for two commercial and one for a car park, the MMRDA had received cumulative bids of over Rs 2,700 crore.

During the previous bid, a 16,500 sq metre plot for commercial use had received a bid of Rs 831.6 crore from the Wadhwa group at about Rs 5.04 lakh per square metre.

For the current properties, the MMRDA has set a reserve price of Rs 3 lakh per sq metre for commercial plots and Rs 1.02 lakh per sq metre for residential plots.

The plot meant for a gymnasium has a reserve price of Rs 3 lakh per sq metre.

Additionally, the MMRDA will lease the property to the developer of the plot for 80 years.

The funds from the sale are expected to be used for development projects in the city.