No takers for auction of BMC’s three prime SoBo plots | Mumbai news

MUMBAI: The BMC’s proposal to auction three prime plots in Worli, Crawford Market and Malabar Hill has received no response from bidders. This is despite the fact that notable realty companies like L&T, Godrej Properties, Welspun World, H N Safal, Runwal Developers, D B Realty and representatives of architects had evinced an interest in the pre-bid meeting on November 12 to discuss the auction and acquire these lands on a 30-year lease. However, none of them responded to the BMC’s bid on December 16.

A civic official from BMC’s estate department said, “No company submitted its quotation. They must have found our base value too high.” The department will now inform civic chief and administrator Bhushan Gagrani, who will take a call on the next course of action.

Interested parties, during the pre-bid meeting, had enquired whether any of the plots fell under the Coastal Regulation Zone (CRZ) rules. The BMC had clarified that they didn’t.

Prospective bidders must meet certain eligibility criteria, including a minimum gross annual turnover of ₹300 crore and a net worth of at least ₹150 crore over three financial years. The proceeds from these sales are expected to fund various infrastructure projects initiated by the civic body.

This was the first time that the BMC had ventured to lease out its plots for 30 years with a renewal of another 30 years, similar to agencies like MMRDA and MSRDC that monetise their land banks to raise money for the infrastructure projects implemented by them.

One of the plots that housed Chhatrapati Shivaji Market near Crawford Market featured a four-storey building, which accommodated several BMC offices. The ground floor was used as a wholesale market by the fishing community. However, the building was demolished in 2015 after being declared dilapidated.

The second plot houses a Brihanmumbai Electric Supply and Transport Undertaking (BEST) receiving station at Malabar Hill, which is “dilapidated” according to the tender document. BMC sources said that though BEST has the plot, the property card mentions the BMC as landowner, and BEST has given the plot back to the civic body. The third plot is at Worli and houses an asphalt plant and BMC testing lab.