BMC Proposes ₹815.61-Crore Lease Of Lower Parel Asphalt Plant Land; Indivara Realty Tops Bidding
Mumbai: The BMC's plan to monetize its prime Lower Parel land has reached the approval stage, with the civic body seeking its Improvement Committee's nod to lease out the 11,299.53-sq-meter asphalt plant plot for Rs 815.61 crore. Indivara Realty Pvt Ltd has emerged as the highest bidder. The proposed arrangement entails a 30-year lease, potentially extendable by another 30 years under the…
Mumbai's Brihanmumbai Municipal Corporation (BMC) is preparing to lease out its prime Lower Parel land, valued at ₹815.61 crore, to Indivara Realty Pvt Ltd. The 30-year lease agreement, which can be extended by another 30 years, includes the 11,299.53 sq meters plot currently housing an asphalt mixing plant and garage belonging to the BMC Transport Department.
The plot, owned by the BMC, was initially set for a 10,847.74 sq meters lease at a base price of ₹755 crore; however, the state government's Urban Development Department (UDD) revised the land area to 11,299.53 sq meters, raising the premium payable by the successful bidder. Indivara Realty submitted the highest bid of Rs 783 crore, surpassing Sheth Homes Dwellings Pvt Ltd's Rs 769 crore and Saroj Landmark Realty LLP's Rs 760 crore bids.
After the UDD's notification to revise the land area, the final premium payable by Indivara Realty increased from ₹783 crore to ₹815.61 crore. The developer has already paid the balance earnest money of ₹6.79 crore, and must clear the premium in five equal installments of around ₹163.12 crore each.
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