BMC Auctions Two Prime Land Plots for Over ₹1,200 Crore in Mumbai
In a strategic move to boost revenue and fund infrastructure projects, the BMC successfully auctioned two high-value land parcels in Mumbai for ₹1,248 crore. This marks the first direct land sale by the civic body.
BmcReal EstateLand AuctionMumbaiInfrastructureReal Estate MumbaiJun 25, 2025
The auction process, which concluded on June 14, comes after an eight-month delay during which the Reserve Bank of India (RBI) and Central Railways (CR) expressed interest but did not participate. According to a civic official from the BMC’s estate department, the civic body followed all procedural norms, including public advertisements and a tender invitation process, before finalizing the auction. “Aava Developers LLP has acquired the Paltan Road plot near Crawford Market for ₹369 crore, while Indivara Developers secured the Worli Asphalt Plant land for ₹879 crore,” the official told HT.
The Crawford Market plot had previously drawn interest from CR, which initially offered ₹428 crore. However, the deal fell through due to a lack of clarity on payment terms. “They never confirmed the payment so we held off,” said the civic official. “Eventually, we sold it to Aava Developers, which made the highest bid of ₹369 crore.” In the case of the Worli Asphalt Plant plot, the RBI had expressed interest but applied too late to be considered. “RBI didn’t participate in the bidding process. Delaying the tender opening would have resulted in potential market value loss,” the official added.
The road to the auction, however, was paved with setbacks. A third plot in Malabar Hill, initially planned for auction, was withdrawn early on after objections from the Brihanmumbai Electric Supply and Transport (BEST) undertaking. The land had high-tension power lines running through it, rendering it unsuitable for private development. Despite these challenges, the successful auction of the two plots is seen as a positive step towards the BMC’s goal of generating additional revenue to fund crucial infrastructure projects in the city.
This strategic move by the BMC is expected to set a precedent for future land sales, potentially opening up more opportunities for the civic body to leverage its real estate assets. The revenue generated from these auctions will be crucial in funding various development initiatives, including road improvements, public transport infrastructure, and other civic amenities. The BMC’s decision to directly auction its land is a clear indication of its commitment to sustainable urban development and financial stability.
Frequently Asked Questions
What is the total amount generated from the auction of the two land plots?
The total amount generated from the auction of the two land plots is ₹1,248 crore.
Which companies won the bids for the land plots?
Aava Developers LLP won the bid for the Paltan Road plot near Crawford Market for ₹369 crore, and Indivara Developers won the bid for the Worli Asphalt Plant land for ₹879 crore.
Why was the auction delayed for eight months?
The auction was delayed for eight months due to initial interest from the Reserve Bank of India (RBI) and Central Railways (CR), but they did not participate in the final bidding process.
What happened to the third plot in Malabar Hill?
The third plot in Malabar Hill was withdrawn from the auction due to objections from the Brihanmumbai Electric Supply and Transport (BEST) undertaking, as the land had high-tension power lines running through it.
How will the revenue from the auction be used?
The revenue generated from the auction will be used to fund various infrastructure projects and development initiatives in Mumbai, including road improvements and public transport infrastructure.
Related News Articles
Mumbai's B-Right RealEstate Bolsters Leadership Team for Strategic Expansion
B-Right RealEstate, a prominent player in Mumbai's real estate market, has announced the appointment of key management personnel to drive its growth and expansion plans. The new hires bring a wealth of experience and expertise, particularly from their sti
ATS Homekraft Launches Luxury Housing Project on Dwarka Expressway
ATS Homekraft, a leading real estate developer, is set to launch a luxurious housing project on the Dwarka Expressway in Gurugram. This project, with an estimated investment of ₹1,300 crore, promises to redefine luxury living in the region.
Agarwal Holdings Secures Prime Land in Juhu from Shapoorji Pallonji for Rs 455 Crore
Agarwal Holdings, a prominent real estate and financial services company, has made a significant move in the Mumbai real estate market by acquiring a prime piece of land in Juhu from Shapoorji Pallonji Group for Rs 455 crore. This acquisition marks a stra
Bombay High Court to Hear 'Lodha' Trademark Dispute on January 31
The Bombay High Court is set to hear the 'Lodha' trademark dispute between two brothers on January 31. The case involves the real estate firm, House of Abhinandan Lodha (HoABL), and the use of the 'Lodha' name.
Bombay HC to Hear 'Lodha' Trademark Dispute Between Brothers on January 31
The Bombay High Court is set to hear a trademark dispute between brothers, where the older brother has sought an injunction against his younger brother, Abhinandan Lodha, and his real estate firm, House of Abhinandan Lodha (HoABL), from using the 'Lodha'
Fire Erupts at Marine Chambers in Mumbai
MUMBAI: A fire broke out at Marine Chambers, a prominent building in South Mumbai, causing significant concern and disrupting daily activities.