BMC's ₹500 Crore Parking and Office Space Project in Worli: A Game-Changer for Mumbai's Real Estate?
The Brihanmumbai Municipal Corporation (BMC) is set to construct a 29-storey parking plus office building in Worli, Mumbai, worth ₹519 crores. The project is expected to boost the city's real estate market.
MumbaiBmcParkingOffice SpaceReal EstateReal Estate MumbaiSep 14, 2024
The plot, spread over 5,179.8 sq mts, is located at SK Ahire Marg, Worli, and currently houses a material testing lab and an asphalt plant. The new building will have testing laboratories till the 17th floor, including concrete testing, piping, wind tunnel, fire, and more. It will also house vigilance offices, with space for other BMC offices on the top ten floors.
The parking facility will have 450 podium parking spaces and 98 robo stack parking places in the basement, accommodating both two-wheelers and four-wheelers. The BMC has issued a tender for the project, inviting responses till October 7.
The construction of this project is expected to have a significant impact on the South Mumbai real estate market. The completion of the Mumbai Coastal Road project has already led to an increase in property prices in the area. With the addition of this new parking and office space, the demand for residential and commercial properties in Worli is likely to increase.
The BMC plans to shift the material testing lab and asphalt plant to a transit accommodation on the same plot during the construction period. Once the building is redeveloped, these facilities will be shifted back.
The tender invites contractors to oversee the process from the planning stage to operations and maintenance; for three years for the robo-parking lift, five years for the parking system; five years for technical support; and 20 years for guaranteeing spare parts for the parking system.
The BMC's ₹500 crore parking and office space project in Worli is a significant step towards improving the city's infrastructure. With its completion, Mumbai's real estate market is likely to witness a major boost.
Information
The Brihanmumbai Municipal Corporation (BMC) is the civic body responsible for the governance of Mumbai. It is responsible for providing various services to the citizens of Mumbai, including infrastructure development, transportation, and public health.
The Brihanmumbai Municipal Corporation (BMC) is the largest civic body in India, with a budget of over ₹30,000 crores. It is responsible for providing various services to the citizens of Mumbai, including infrastructure development, transportation, and public health.
Frequently Asked Questions
What is the estimated cost of the BMC's parking and office space project in Worli?
The estimated cost of the project is ₹519 crores.
How many parking spaces will the new building have?
The new building will have 450 podium parking spaces and 98 robo stack parking places in the basement.
What is the expected completion time for the project?
The project is expected to be completed within 36 months.
What is the impact of the project on the South Mumbai real estate market?
The project is expected to increase the demand for residential and commercial properties in Worli.
What is the role of the BMC in the project?
The BMC is responsible for overseeing the construction of the project and providing various services to the citizens of Mumbai.
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