MMRDA leases two properties in BKC to raise Rs  2,900 crore
Real Estate

MMRDA leases two properties in BKC to raise Rs 2,900 crore

Two plots in the Bandra-Kurla Complex have been made available for lease by the regional development agency, the Mumbai Metropolitan Development Authority, or MMRDA, with the anticipation that they will bring in about Rs 29 billion. After a Japanese company, Goisu Realty Private Ltd, won the tender for leasing two land parcels at Bandra Kurla Complex, MMRDA received Rs 20.67 billion in October 2022.

The two plots, one measuring 7,071.90 square meters (C13) and the other measuring 6.096.67 square meters (C-19). Plot C-13's built-up area development potential is 45,000 square meters, whereas Plot C-19's is 40,000 square meters. The offered lease term is 80 years, and the reserve price for the built-up area is Rs. 3445 billion.

A senior official said, “The reserve price is similar to one which was paid by Goisu Realty to win the bids for two plots in 2022.”

MMRDA has set aside Rs 287.05 billion for spending on a variety of infrastructure projects in 2023–2024, including costs for Metro routes, the Mumbai Trans Harbor Link, the Versova–Vasai Sea Bridge, and an underground road between the Eastern Freeway and Marine Drive.

The state government had given the MMRDA permission to borrow Rs 600 billion in July 2022. The government has chosen to act as guarantor for a Rs 120 billion loan in Phase I that would be used to finance infrastructure projects in the Mumbai Metropolitan Region.

The MMRDA lacks the authority to levy taxes in order to raise money.

The MMRDA intends to monetize its assets, particularly the metro network, and engage in land sales to increase revenue.

However, it anticipates strong cash flow from a variety of sources over the following 25 years; however, officials said the Rs 600 billion in loans it has been permitted to raise will act as a buffer in case it does not receive expected funds in the following five years due to project delays and their effects on revenue inflow.

The authority is optimistic that it will be able to pay back debts by collecting development fees from commercial, industrial, and residential buildings in addition to selling off property. According to officials, taxes, cess, advertising, and other fees can be used to obtain the funds required for asset operations and upkeep.

See also:
Brookfield leads race to acquire IL&FS group headquarters in Mumbai
EFC leases 60,000 sq ft in Hyd and 32,000 sq ft office space in Mumbai

Two plots in the Bandra-Kurla Complex have been made available for lease by the regional development agency, the Mumbai Metropolitan Development Authority, or MMRDA, with the anticipation that they will bring in about Rs 29 billion. After a Japanese company, Goisu Realty Private Ltd, won the tender for leasing two land parcels at Bandra Kurla Complex, MMRDA received Rs 20.67 billion in October 2022. The two plots, one measuring 7,071.90 square meters (C13) and the other measuring 6.096.67 square meters (C-19). Plot C-13's built-up area development potential is 45,000 square meters, whereas Plot C-19's is 40,000 square meters. The offered lease term is 80 years, and the reserve price for the built-up area is Rs. 3445 billion. A senior official said, “The reserve price is similar to one which was paid by Goisu Realty to win the bids for two plots in 2022.” MMRDA has set aside Rs 287.05 billion for spending on a variety of infrastructure projects in 2023–2024, including costs for Metro routes, the Mumbai Trans Harbor Link, the Versova–Vasai Sea Bridge, and an underground road between the Eastern Freeway and Marine Drive. The state government had given the MMRDA permission to borrow Rs 600 billion in July 2022. The government has chosen to act as guarantor for a Rs 120 billion loan in Phase I that would be used to finance infrastructure projects in the Mumbai Metropolitan Region. The MMRDA lacks the authority to levy taxes in order to raise money. The MMRDA intends to monetize its assets, particularly the metro network, and engage in land sales to increase revenue. However, it anticipates strong cash flow from a variety of sources over the following 25 years; however, officials said the Rs 600 billion in loans it has been permitted to raise will act as a buffer in case it does not receive expected funds in the following five years due to project delays and their effects on revenue inflow. The authority is optimistic that it will be able to pay back debts by collecting development fees from commercial, industrial, and residential buildings in addition to selling off property. According to officials, taxes, cess, advertising, and other fees can be used to obtain the funds required for asset operations and upkeep. See also: Brookfield leads race to acquire IL&FS group headquarters in MumbaiEFC leases 60,000 sq ft in Hyd and 32,000 sq ft office space in Mumbai

Next Story
Infrastructure Urban

Afcons shares gain momentum with Bhopal Metro Line 2 project

Afcons Infrastructure made a quiet debut on the stock market on Monday but quickly gained momentum after emerging as the lowest bidder for the Bhopal metro project line 2 package.The Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) will link Bhadbhada Chauraha and Ratnagiri Tiraha, spanning 13 elevated stations. This package, issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), involves constructing all 13 stations of the Blue Line’s viaduct. The depot will also be shared with the Orange Line (Karond Circle to AIIMS) for maintenance and stabling purposes.Afcons’ exten..

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000