Mumbai: The Municipal Corporation of Mumbai has initiated actions on multiple fronts to boost revenue, and it is now achieving success. The municipality will receive total revenue of Rs 1,248 crore from the sale of two sites, Crawford Market and the asphalt facility in Worli. In the meantime, the local government will employ this revenue for different development projects.
The Worli asphalt plant will receive 879 crore from the auction, whereas the Crawford Market site will obtain 369 crore rupees. The plot in Crawford Market was projected to yield 400 crore rupees. The firm Awa Developers offered 369 crore rupees. Thus, the municipality has generated revenue by auctioning its lands for the first time.
Similar Incident:
The local government has initiated several infrastructure projects totaling around one lakh crore rupees. Efforts are also in progress for many of them. Due to the current weakness in the financial situation, the municipality is seeking different income sources. The parcels have been sold at auction as a component of this initiative.
This auction procedure was anticipated to begin eight months ago. However, it was postponed for a certain reason. Reserve Bank not participating; Reserve Bank expressed interest in the Worli facility. However, it postponed the application for it.
Additionally, they did not engage in the auction process. As a result, the auction procedure for these two plots was postponed. BEST raised objections because of high-pressure lines. Previously, there was an attempt to sell a plot in Malabar Hill. Nevertheless, it was not sold at auction because of objections.
BEST opposed the auction procedure for this plot. BEST stated that this area has high-voltage power lines.
