BKC plots auction dates postponed

The Mumbai Metropolitan Region Development Authority (MMRDA) has not received a single bid after it had put its Rs 1,475 crore plot measuring 50,000 square meter in G-Block of Bandra Kurla Complex (BKC) compelling the authority to extend its bidding dates twice in a row.

The MMRDA’s last successful land parcel auction was back in 2007 after which authority’s attempt to sell a plot in the same block at Rs 3 lakh per square meter did not get any bidders. The MMRDA had later decided that it would not put any of its plots on auction, citing slowdown in the real estate market. The plots where MMRDA was compelled to extend bidding dates were put on auction in March 2016. The MMRDA had also conducted a pre-bid meeting, which was attended by several domestic and international companies. In May 2016, the MMRDA did not get any response for the same after which the deadline was second week of June. “We did not get any bids for the auction after an extension of the deadline. We have now decided to extend it till August 1. The real estate slowdown in the city is not bringing any companies to bid for the auction of a land parcel even in a commercial hub like BKC,” a MMRDA official said.

Similarly, bidding dates for the redevelopment of Dharavi have also been extended for the fourth time. Around 16 companies had shown interest in the pre bid meeting but nothing proceeded any further. One of the developers interested in the Dharavi revamp had told The Asian Age, “There are too many complications involved in the revamp of Dharavi and in this slow down it would be a dead investment.”