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representative imageMumbai: Regional Development Authority, Mumbai Metropolitan Development Authority, or MMRDAIt is proposed to give two plots on lease in Bandra-Kurla Complex With the expectation that this would fetch them around Rs 2,900 crore. In October 2022, MMRDA 2,067 crore was earned after Japanese firm Goisu Realty Received tender for leasing out two land parcels to Private Limited Bandra-Kurla Complex,
Two plots, one with an area of 7,071.90 sqm (C13) and the other, 6,096.67 sqm (C-19). The development potential of Plot C-13 is 45,000 sqm built-up area and that of Plot C-19 is 40,000 sqm. The lease period granted is 80 years and the reserve price has been kept at 3,44,500 sqm built up area.
A senior official said, ‘The reserve price is the same as what was paid Goisu Realty To win the bids for the two plots in 2022.
The MMRDA has earmarked an expenditure of Rs 28,705 crore on various infrastructure projects in 2023-24, including the metro corridor, Mumbai Trans Harbor Link, Versova-Vasai sea bridge, underground road between Eastern Freeway and Marine Drive, etc.
In July 2022, the state cabinet approved MMRDA to raise a loan of Rs 60,000 crore. In Phase I, Rs 12,000 crore will be borrowed, for which the government has decided to stand as guarantor for infrastructure projects in the Mumbai Metropolitan Region.
MMRDA does not have the power to generate revenue by way of tax.
MMRDA plans to raise revenue through land deals and monetization of its assets, especially the metro network.
While it expects good cash flow from various sources of revenue over the next 25 years, officials said Rs 60,000 crore, which has been allowed to be raised in debt, will serve as a buffer in case it is not received from expected sources. Will work in Reasons for delay in projects over the next five years and its impact on revenue flow.
The authority is confident that it will be able to repay the loan by levying development charges on residential, commercial and industrial units apart from monetizing the land. Officials said the funds required for operation and maintenance of the property can be raised through taxes, cess, advertisements etc.
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