Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) secured Rs 3,840.50 crore from the auction of three commercial plots in Bandra-Kurla Complex (BKC), with winning bids exceeding reserve prices by 12% to 40%.
Among the commercial plots, Japanese firm Goisu Realty Pvt. Ltd. (Sumitomo) emerged as the highest bidder for Plot C-13 (built-up area: 19,824 sq. m) and Plot C-19 (built-up area: 28,287 sq. m), quoting Rs 4,80,945 and Rs 4,82,992 per square metre of built-up area (BUA), respectively.
MMRDA will earn Rs 1,360.48 crore, against a reserve price of Rs 974 crore, from Plot C-13 and Rs 1,177.86 crore, against a reserve price of Rs 840 crore, from Plot C-19. The second-highest bidder, Bandra Kurla Office Asset Pvt. Ltd., a wholly owned subsidiary of Singapore-based Mapletree Investments Pte Ltd, quoted Rs 3,45,000 per square metre, marginally above the reserve price but significantly lower than Goisu’s bid.
For Plot C-80 (built-up area: 33,647 sq. m), a consortium led by Brookfield-backed Schloss Bangalore Ltd., Arliga Ecospace, and Schloss Chanakya Pvt. Ltd. placed the winning bid at Rs 3,87,000 per square metre, reflecting a 12.34% premium over the base price of ₹3,44,500. MMRDA will earn Rs 1,302.16 crore, against a reserve price of Rs 1,159 crore, from this plot.
MMRDA set an 80-year lease period for these land parcels, with the reserve price for commercial plots at Rs 3,44,500 per square metre of BUA. The winning bids for C-13 and C-19 were 39.61% and 40.20% higher than the reserve price, respectively, while C-80 fetched a lower but still substantial premium.
While commercial plots saw aggressive bidding, residential plots R-1.5 (5,409 sq. m), R-1.6 (4,974 sq. m), and R-1.7 (5,876 sq. m), as well as commercial plot C-37 (4,956 sq. m), failed to attract any bids. The bidding process is part of MMRDA’s larger plan to lease out seven land parcels in BKC to raise nearly Rs 6,000 crore, crucial for funding its extensive infrastructure projects across the Mumbai Metropolitan Region (MMR).
Unlike municipal corporations, MMRDA does not have taxation powers and relies heavily on land monetisation, commercial leases, and revenue from transport infrastructure, particularly the Metro network. The authority is currently facing a financial crunch due to its multi-thousand-crore infrastructure expansion, which includes Metro corridors, elevated roads, and key connectors.
This is not the first time Goisu Realty made a significant investment in BKC. In 2022, MMRDA earned Rs 2,067 crore after the Japanese firm secured lease rights to two land parcels in the area. Earlier, in 2019, Goisu Realty leased a 12,486 sq. m plot for Rs 2,238 crore, making it one of the largest land deals by a foreign company in India.
With financial bids now in, MMRDA will evaluate the proposals and determine the next course of action for the unallocated plots.