Mumbai: BMC Gets ₹470-Crore Top Bid For Lower Parel Plot, Skystead Constructions Emerges Highest Bidder
Mumbai, October 19, 2026: A BMC-owned 5,166-square-metre plot in Lower Parel, currently housing the civic body’s testing laboratory, has attracted a top bid of Rs 470 crore from Skystead Constructions LLP. The civic administration has proposed a 30-year lease, extendable by another 30 years under the policy prevailing at renewal. The plot is the fourth being leased under the BMC’s drive to…
In Mumbai, the Brihanmumbai Municipal Corporation (BMC) received a top bid of Rs 470 crore from Skystead Constructions LLP for a 5,166-square-metre plot in Lower Parel, where the civic body's testing laboratory currently stands. The proposed lease is for 30 years, with an option to extend by another 30 years. This plot is the fourth being leased under the BMC's initiative to generate revenue for infrastructure projects.
The bid is slightly above the Rs 455-crore base price, with only Skylark Private Limited, the other bidder, offering Rs 459 crore. The proposal seeks approval to award the lease and remove the plot's 'Other Institutions' reservation under Development Plan 2034, to be processed under Section 37(1) of the MRTP Act, 1966. The successful bidder must construct and hand over a 1,299-square-metre replacement laboratory at their own cost, and the final plot area will be determined after a joint measurement by the Superintendent of Land Records.
Payments are to be made in a schedule requiring 30% within a month of acceptance, with the remaining 70% in eight installments. The initial lease rent is Rs 11 per square metre annually for the first 30 years, with future rent determined by the prevailing policy.
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