MMRDA withdraws bids for sale of 12,500 sq mt plot in BKC

Mumbai, Town planning authority MMRDA today withdrew bids for sale of a 12,500 sq mt plot in Bandra Kurla Complex, with a base price of Rs 1,500 crore, due to uncertainty over certain issues pending with the Bombay High Court and Maharashtra government.

The Mumbai Metropolitan Region Development Authority (MMRDA) had invited bids for the 12,500 sq mt plot (No C-65, 'G' Block in the tony BKC central business district) in March this year.

"We had appointed property consultant CBRE to assist us in the process to find the buyer. We had fixed Rs 1,500 crore as the base price for the plot," Anil Wankhede, MMRDA deputy commissioner for land, told PTI here.

He said they had received around eight bids, including those from Reliance, Wadhwa and Radius.

"But concerns were raised over the issue of a stay order of the Bombay High Court on new construction in the city, and completion of due process under section 37(1) of the MRTP Act for modification with respect to allowing up to 30 per cent of residential construction in commercial area in BKC. So we decided to withdraw the process," he said.

Wankhede further said the proposal of modification in the Act is now before the Maharashtra government and they are awaiting its approval. 

"We, therefore, decided to withdraw the bid process, but once we get a clarity on both these issues we will consider re-tendering," he added.