Mumbai: BMC To Auction Prime Plots On 30-Year Lease To Fund Infrastructure Projects Worth Over ₹2 Lakh Crore

Mumbai: The BMC for the first time is planning to auction their properties for a 30-year lease with a provision of renewal for another 30 years. A tender has been recently invited for auctioning plots located in prime areas such as a plot within the Chhatrapati Shivaji Maharaj Market, also known as Crawford Market, a Brihanmumbai Electricity Supply and Transport (BEST) receiving station at Malabar Hill, and a plot within the asphalt plant in Worli. These plots are expected to generate revenue for several infrastructural projects under taken by the civic body.

The BMC has launched several big tickets projects, including the Gargai Dam, a desalination plant, and the Mumbai Coastal Road Phase 2 connecting Versova to Dahisar and Dahisar to Bhayander etc with estimated costs exceeding Rs. 2 lakh crores. By auctioning three prime plots, the civic body aims to generate revenue to support these initiatives.

However, the pricing for these plots is still under consideration, according to civic sources. "The process will start with an expression of interest to gauge the queries and concerns that potential buyers may have," said a civic official.

The first plot proposed for auction is Chhatrapati Shivaji Market near Crawford Market. The four-storey building, which housed civic offices and a wholesale market for the fishing community, was demolished in 2015. Another plot is located at Malabar Hill, which is a dilapidated receiving station for the Brihanmumbai Electric Supply and Transport Undertaking (BEST), with the BMC listed as the landowner.

The final plot includes the asphalt plant and BMC testing lab at Worli. In his budget speech for the year 2024-25, the then municipal commissioner Iqbal Singh Chahal had emphasized that they need to explore the financial potential of vacated plots, including through auctions.

Plots proposed to auctioned - a plot within Chhatrapati Shivaji Maharaj Market, a BEST receiving station at Malabar Hill, and a plot within the asphalt plant in Worli.

Reserved price - yet to be calculated.

Infrastructure project undertaken by BMC -

Mumbai Coastal Road project proposed from Versova to Dahisar - 16,621 crores

Dahisar-Bhayander Link Road - Rs. 3,304 crore

Goregaon Mulund Link Road tunnel - Rs 6,322 crores

Desalination plant at Manori - Rs. 3,520 crores

Construction of Gargai dam - Rs. 3,105 crores