The race for four prime plots in the Bandra-Kurla Complex (BKC), Mumbai?s financial business district, has begun. Mukesh Ambani-promoted Reliance Industries Ltd (RIL), the Wadhwa Group, and the TCG Infrastructure-Hiranandani Constructions joint venture have emerged leading bidders for the four plots totalling 75,350 sq m.
The total deal size is valued at Rs 2,790 crore, informed Mumbai Metropolitan Region Development Authority (MMRDA) commissioner Ratnakar Gaikwad. MMRDA will lease its properties for 80 years for the development, operation and maintenance of the commercial complex and car park.
Sources said RIL emerged a leading contender for the C-66 plot at the rate of Rs 3,00,501 per sq m. The runner up is Business Park Town Planners Ltd (BPTP) at Rs 2,48,348, followed by RR Mega City, which quoted Rs 2,13,093.28.
Pranay Vakil, chairman, Knight Frank India, says, ?The price bids are unsustainable. These rates are driving away investors and nobody can afford this kind of pricing.?
However, Anuj Puri, chairman & country head, Jones Lang LaSalle Meghraj, disagrees: ?There is such a dearth of good quality space today that financial institutions and investment banks are willing to pay any kind of rental.?
For the second C-70 plot of 16,500 sq m, Wadhwa Group quoted Rs 5,04,000 per sq m, followed by JSW Property Group at Rs 4,50,000 and Suzuki Powertrain India Ltd at Rs 4,03,000.
Bidding for the C-54/C-55 plots with a total area of 28, 300 sq m was topped by the TCG Infrastructure and Hiranandani Constructions combine at Rs 3,67,992 a sq m, followed by SPIL at 3,57,000 and JSW Property Group at Rs 3,33,000.