BMC Auctions Crawford Market and Worli Plant, Generates Rs 1,248 Crore
The Brihanmumbai Municipal Corporation (BMC) has achieved a significant financial milestone by generating Rs 1,248 crore through the auction of two key properties: the iconic Crawford Market and a Worli asphalt facility. This marks the BMC's first successful land monetization initiative, which will fund critical infrastructure projects across the city.
Municipal Commissioner Iqbal Singh Chahal confirmed that the transactions will provide crucial funds for infrastructure development. The Worli asphalt plant attracted the highest bid at Rs 879 crore, while the Crawford Market plot was sold for Rs 369 crore to real estate firm Awa Developers.
Although municipal valuations had projected Rs 400 crore for the Crawford Market site, the final bid fell marginally short. This revenue boost is timely as the BMC executes infrastructure projects worth approximately Rs one lakh crore amid ongoing fiscal constraints.
The auction process faced significant delays, having been postponed eight months earlier after the Reserve Bank of India initially expressed interest in the Worli facility but ultimately declined participation. Additional complications arose when Brihanmumbai Electric Supply and Transport (BEST) raised safety objections regarding high-voltage power lines near the sites.
The sales represent a milestone following previous unsuccessful attempts, including a failed Malabar Hill plot auction abandoned due to similar regulatory objections. Municipal officials indicate that further strategic asset monetization will be pursued to finance Mumbai's extensive development agenda.
The success of these auctions is a testament to the BMC's commitment to leveraging its assets to fund essential projects. With the financial boost, the corporation can now focus on improving public services and infrastructure, ensuring a better quality of life for Mumbai's residents.
