Representative AI imageMumbai: With his landbank in BKC, all is sold out, MMRDA is ready to quickly start auctioning plots in the third central business district of the city (CBD)-a 156-hectare land package in Wadala.
MMRDA commissioner Sanjay Mukherjee toi toi said that the planning authority will initiate the auction process in the next two months. “The development of Wadala has been included in the MMR economic master plan drawn up jointly by Niti Aayog and MMRDA. According to that plan, MMRDA is moving forward with the development of Wadala and the process will start in the next two to three months,” he said.
MMRDA also tries to keep track of the momentum of real estate prices. In June of this year, the Japanese conglomerate Sumitomo RS paid 2,238 crore for a 3 -hectare plot in BKC.
At Wadala, previously designated as a truck terminal, MMRDA is now negotiating relocation plans with Bombay Goods Transport Association (BGTA). Abhishek Gupta, vice-president of BGTA, confirmed that discussions are underway. “The discussion to move the truck terminal began in 2018, but since then there has been no conclusion. There have been many transport agencies here and these cannot even be closed for a day. We have transferred the authority that we would like to be moved on this plot because a lot of open space is available. Phase 2 of the truck terminal has never been carried out,” he said.
In 2018, the State of GOVT decided to transform Wadala into a central business district for mixed use with a transit -oriented development. The proposed CBD is strategically between East Freeway and Atal Setu and connects it with Thane and Navi Mumbai. It is accessible via the Harbor track line, the Monorail and the proposed Metro-4 (Wadala-Thane-Kasarvadavli).
Currently, MMRDA’s largest infrastructure project is the RS 1 Lakh-Crore Metro Line Network. In general, it has proposed an investment of RS 3 Lakh-crore in various infrastructure works. In 2022, the state of the State allowed a loan of RS 60,000 crore for infrastructure works.
The BKC Land Bank is the largest possession of MMRDA, which has engaged from time to time to raise money for various infrastructure projects that have been carried out in MMR. From a marsh country to determining the real estate rates in the city and afterwards, BKC has more than 300 buildings, which have appeared in phases since the mid -1980s. It was in 1977 that the state of GOVT decided to develop it into a commercial hub to decipher the overcrowded island city, especially the southern tip of Nariman Point, the home of the first CBD of the city. All eyes will now be about whether the opening of Wadala will take business offices back to the island city or to the much -praised Mumbai 3 about the Trans Harbor link.
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