Introduction Deadline For Bidding Of Two Lots In BKC Is Extend By MMRDA

Deadline for bidding of two lots in BKC is extend by MMRDA India’s most expensive business zone is the Bandra Kurla Complex, and MMRDA anticipates making over Rs 2,900 crore from the lease of two property parcels there.
The Bandra Kurla Complex (BKC), the most expensive business zone in India, is leasing two land parcels, and the Mumbai Metropolitan Region Development Authority (MMRDA) has extended the bid deadline to September 29, 2023. The total square footage (sq m) of the land parcels is 13,168.

The MMRDA floated bids for an 80-year lease of these properties in May 2023 in an effort to raise Rs 2,928 crore. The deadline for submitting bids has now been extend due to clarifications on foreign direct investment. the government’s anticipate foreign direct investment (FDI) and the Goods and Services Tax (GST).

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Where Are These Two Plots?

The two plots that are available for leasing are located in BKC’s G Block, which is home to a number of global corporations, banks, and the US Consulate.

One of the plots, C-13, has a reserve price of Rs. 1,550.25 crore and measures 7,071 sq m with an allowed built-up size of roughly 4.84 lakh sq ft. The other plot, which is 6,096 square metres in size, has a reserve price of Rs 1,378 crore and a permitted built-up area of 4.30 lakh square feet.

Only commercial structures may be built on the plots; however, the MMRDA may permit mixed use with the Maharashtra government’s agreement. A maximum of 30% of the plots may be use for residential building under this plan.

Deadline For Bidding Of Two Lots In BKC Is Extend By MMRDA :  Bid Reaction

“We received positive feedback from both international and domestic participants during the pre-bid meeting, and we anticipate closing this in the upcoming months. The delay in the bid deadline is solely due to the government’s promised clarifications on FDI rules and GST taxation. We’ll submit the response as soon as we have one to wrap up the bidding process.

Previous Deals

The winning offer for the lease of two land parcels in BKC for an initial payment of Rs 2,067 crore came from the Japanese company Sumitomo Corporation through its subsidiary Goisu Realty Private Limited, according to an announcement made by MMRDA in October 2022. For Rs 2,238 crore, the same group won the bid for a block of land of 12,400 square metres in 2019.

 The National Stock Exchange, Bank of Baroda, Indian Oil, the Reserve Bank of India, and other prestigious businesses are located in the BKC, one of India’s most upscale commercial areas. A station for the forthcoming Mumbai-Ahmedabad bullet train will be located at BKC soon, And the Maharashtra government also plans to build an International Financial Service Centre (IFSC) there.

 Leasing Office Space

According to a Colliers India analysis publish in August 2023, gross office leasing is project to reach 40–45 million square feet across the top six areas in 2023.

Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune are the six cities. According to the research, Bengaluru is anticipate to close at 12–14 million square feet, Delhi–NCR at 9–11 million, Chennai at 7-9 million, and Hyderabad, Pune, and Mumbai at 4-6 million.

With a 24 percent share of the market for office space in H1 2023, the technology sector led the way. Flex space and the engineering and manufacturing sectors came next at 18 percent and 17 percent, respectively.

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