BMC Auctions Crawford Market and Worli Plant, Generates Rs 1,248 Crore
The Brihanmumbai Municipal Corporation (BMC) has successfully auctioned the iconic Crawford Market and the Worli asphalt plant, raising Rs 1,248 crore. The funds will be used to fund critical infrastructure projects in Mumbai.
BmcCrawford MarketWorli Asphalt PlantReal EstateInfrastructureReal Estate NewsJul 06, 2025
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.
Frequently Asked Questions
What properties were auctioned by the BMC?
The BMC auctioned the iconic Crawford Market and the Worli asphalt plant.
How much revenue was generated from the auctions?
The auctions generated Rs 1,248 crore in total.
Who bought the Crawford Market plot?
The Crawford Market plot was sold to real estate firm Awa Developers.
What were the challenges faced during the auction process?
The auction process faced delays due to the Reserve Bank of India's initial interest and subsequent withdrawal, as well as safety objections raised by Brihanmumbai Electric Supply and Transport (BEST) regarding high-voltage power lines near the sites.
How will the funds be used?
The funds will be used to finance critical infrastructure projects in Mumbai.
Related News Articles
Hardik Pandya's Net Worth: A Closer Look at His Wealth and Assets
From his lucrative IPL contracts to his impressive real estate portfolio
Boosting Realty Affordability: Experts Call for Policy Shifts and Infra Improvements
Industry experts emphasize the need for policy changes and infrastructure development to address affordability issues in the real estate market.
Pune's Real Estate Empire: Minor's Father in Custody Over Cheating Case
A Pune court has allowed the police to take custody of the father of the minor accused in the Porsche crash case, in a cheating case registered against him at Kondhwa police station.
Revolutionizing Traffic Management: Pune Police, PMC, and Google Collaborate to Improve Road Infrastructure
Pune takes a significant step towards reducing traffic congestion and travel time with the collaboration of Pune Police, PMC, and Google on 32 main roads.
New Developments in Rs 100 Crore Real Estate Investment Fraud
Prospect Realty, a firm registered before the sub-registrar of Salcete, Margao, is at the center of a massive Rs 100 crore investment fraud. The firm, engaged in the real estate business, has been accused of misleading investors with false promises. Myron
Maharashtra Government to Mandate Precast Construction for Mumbai Real Estate
The Maharashtra government is working on a policy to make precast construction mandatory for real estate projects in Mumbai, aiming to streamline construction processes and enhance building quality.