The Brihanmumbai Municipal Corporation (BMC) has auctioned two major land parcels in South Mumbai. These are located near Crawford Market and the Worli Asphalt Plant. The total amount received from both auctions is INR 1,152 crore.
As per reports, Aava Developers LLP made the highest bid of INR 369 crore for the Crawford Market plot. Indivara Developers won the bid for the Worli plot at INR 783 crore.
However, the deal for the Crawford Market land has not been finalised. Central Railway has asked for a free portion of this plot. They need it for a planned skywalk outlet at CSMT. This issue was raised in a meeting with the Chief Secretary.
Due to this request, BMC has sent a conditional offer letter to Aava Developers. A senior BMC official said the deal will move forward only if the developer agrees to give up the part needed by Central Railway. If not, the deal will not happen.
The plots are offered on a 30-year lease. The lease can be renewed for another 30 years. The BMC hopes to use the funds raised from the lease for infrastructure work in the city.
Earlier, the first round of bidding had failed. After that, BMC reduced the reserve price and invited new bids. RBI had shown interest in the Worli plot. But it did not take part in the official bidding. So, the plot will go to Indivara Developers, who made the highest offer.
In December 2024, BMC had put three plots up for auction. These were the Worli Asphalt Plant plot, the Crawford Market plot, and a third plot at the BEST substation in Malabar Hill.
The auction for the Malabar Hill land was cancelled. Local opposition had forced the cancellation. The other two plots went ahead as planned.
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