MMRDA to call for fresh bids for sale of transferable development rights

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Mumbai | Updated: December 18, 2015 11:15:00 AM

The Mumbai Metropolitan Region Development Authority (MMRDA) will be calling for fresh bids for the sale of transferable development rights...

Real estate investmentsA dozen real estate companies in Mumbai, including Oberoi Realty, had bid for TDR for 3.22 lakh square feet that was expected to fetch MMRDA about Rs 150 crore. (Photo: Reuters)

The Mumbai Metropolitan Region Development Authority (MMRDA) will be calling for fresh bids for the sale of transferable development rights (TDR) generated from slum rehabilitation projects at Nirlon and Nesco plots in Goregaon and Ajgaonkar in Jogeshwari, as the proposal floated in June failed due to differences over pricing between the bidders and MMRDA.

A dozen real estate companies in Mumbai, including Oberoi Realty, had bid for TDR for 3.22 lakh square feet that was expected to fetch MMRDA about Rs 150 crore.

A senior official from MMRDA told FE that the planning authority will be coming out with fresh bids again. “There was a condition in the auction process that whatever is the highest quoted rate for the TDR, the other developers will have to match that rate for the space that they desire to take. However, other developers did not agree to the rate that was quoted. Also, the highest bidder did not fulfill the conditions in the given time frame, and we had to call off the process”.

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