MMRDA Earns Rs 3,840 Crore from Auction of Prime Plots in Mumbai’s BKC

The Mumbai Metropolitan Region Development Authority (MMRDA) has raised a total of Rs. 3,840 crore from the auction of three prime commercial plots in the Bandra-Kurla Complex (BKC), one of Mumbai’s most sought-after business districts. The auction, held on Friday, attracted strong bidding interest, with the highest bids coming from Japanese firm Sumitomo Corporation’s Indian arm, Goisu Realty Pvt Ltd, and a consortium led by Schloss Bangalore Ltd.

Bidding Highlights and Winners

Goisu Realty Pvt Ltd, the Indian arm of Sumitomo Corporation, emerged as the highest bidder for two plots—C-13 and C-19—offering Rs. 1,360.48 crore for Plot C-13 and Rs. 1,177.86 crore for Plot C-19. These bids reflect significant premiums over the respective reserve prices. For Plot C-13, Goisu Realty’s bid was 39.61% above the reserve price, translating to Rs. 4,80,945 per square meter of built-up area (BUA). Similarly, for Plot C-19, the bid came in at 40.20% above the reserve price, amounting to Rs. 4,82,992 per square meter of BUA.

The second-highest bid for both plots came from Bandra Kurla Office Asset Pvt Ltd, a subsidiary of Mapletree Investments Pte Ltd, which offered Rs. 3,45,000 per square metre, slightly above the reserve price.

Plot C-80 Secured by Schloss Bangalore Ltd Consortium

Plot C-80, another premium commercial plot, was secured by a consortium of Schloss Bangalore Ltd, Arliga Ecospace Business Parks, and Schloss Chanakya Pvt Ltd. The consortium offered Rs. 1,302.16 crore, a 12.34% premium over the reserve price of Rs. 1,159.16 crore. The quoted rate of Rs. 3,87,000 per square meter was the highest bid among all the plots.

Strong Demand for Commercial Space in BKC

The auction results highlight the continued strong demand for commercial real estate in BKC, a prime business district that houses some of Mumbai’s top corporate offices and financial institutions. The strong premiums, ranging from 12% to 40%, underscore th