MUMBAI: After generating substantial revenue by leasing the Bandra-Kurla Complex (BKC) land parcels by setting up a world-class business hub in the queens of suburbs, the Mumbai Metropolitan Region Development Authority (MMRDA) is now eyeing to mint money by leasing the 177 hectares of free available land parcels in Wadala. It has evaluated the built-up area for development of Wadala land costing nearly Rs2 lakh per square metres, will fetch about Rs35,000 crore revenue earnings in return.
A senior MMRDA official, requesting anonymity, confirmed to the FPJ, it is the estimated potential revenue, which they are looking for by leasing the land in Wadala. Schools, colleges, commercial-centres, including residential complexes, will be set up here on the lines of BKC.
Besides, the authority is in talks with the Brihanmumbai Electric Supply & Transport (BEST) owner of Anik bus depot and merge the plot with the notified area. Apart from developing a second business hub, it will undertake a transit-oriented development since Monorail, Metro, BEST, and inter-state bus terminal are already located here.
Interestingly, as BKC comes under the airport funnel zone, a restricted region, the developers were unable to increase the height of the buildings. However, such will not be the case while undertaking the development of Wadala land. The lessee will be provided four Floor Space Index(FSI) for the development of land here.
The state had made the MMRDA a special planning authority for the development of 177 ha of notified land.
According to an MMRDA official, clearance was given by the state in December, 2019, on the masterplan of various types of land development proposed in Wadala. Now, these plots, which have been earmarked with different reservations, will soon be leased for 80 years to the interested parties. Eventually, the revenue generated will be used as funds for the various ongoing and proposed infrastructure projects, including metro lines. MMRDA has taken Rs80,000 crore worth of projects, of which about Rs44,869 crore will be spent on various metro projects.
Wadala notified land 177 ha
Potential revenue generation Rs35,000 crore by leasing plots of land.
MMRDA evaluated Rs2lakh/sqmt as the land rate.