MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) goals to lift about Rs 5,497 crore by leasing out seven plots within the Bandra-Kurla Complex (BKC).

Three plots are designated for residential use and 4 for industrial, with leases set for 80 years. The reserve value for industrial plots is ready at Rs 3.4 lakh per sq m, whereas residential plots are priced at Rs 3.5 lakh per sq m.

The industrial plots admeasure 4,956 sq m, 7,072 sq m, 6,096 sq m, and eight,412 sq m. The world of the three residential plots is 5,409 sq m, 4,974 sq m and 5,876 sq m.

These plots in G block of BKC have a flooring house index (FSI) of 4. The MMRDA estimates that the income from the industrial plots will complete round Rs 3,657 crore, and from the residential plots, about Rs 2,290 crore. The authority anticipates that the land leases might generate a complete of Rs 5,947 crore.

The BKC is a chief industrial and residential space, and leasing these plots permits MMRDA to generate funds that may be invested in infrastructure initiatives, transportation, and different growth initiatives throughout the town. This strategy helps in assembly budgetary wants and supporting the expansion and modernisation of the town.

In 2022-23, the MMRDA efficiently accomplished the tendering course of for the allotment of economic plots within the BKC. Following a aggressive bidding course of, the MMRDA awarded each plots to a Japanese company for a complete value of Rs 2,067 crore. The transaction marked one of many highest overseas direct investments in the true property sector within the nation in 2022-23.

The MMRDA is dealing with a funds crunch contemplating the large infrastructure spend projected for the last decade. The cumulative price of 10 Metro initiatives, excluding Metro 3 (Colaba-Bandra-Seepz) and Metro 1 (Versova-Andheri-Ghatkopar), is Rs 75,000 crore. The entire receipts for 2024-25 are estimated to be round Rs 39,453 crore, whereas complete expenditures are estimated at Rs 46,921.29 crore.

The MMRDA doesn’t have the ability to generate revenues by means of tax. The MMRDA plans to lift revenues by means of land offers and monetisation of its property, significantly the Metro community. Whereas it expects a great money circulate from varied sources of income over the following 25 years, the Rs 60,000 crore mortgage restrict and cash raised by means of bonds will act as a buffer in case of non-receipt from anticipated sources within the subsequent 5 years because of a delay in initiatives.

In July, the MMRDA acquired approval to lift Rs 50,000 crore by way of bonds to fund varied infrastructure initiatives within the metropolis and adjoining areas.