Advertisement
The BMC has leased an 8,116 sq. m land parcel near Crawford Market, home to the Chhatrapati Shivaji Maharaj Market, for INR 369 crore-13% below the base price of INR 428 crore. Awarded to AAV Developers LLP for 30 years, the deal includes provisions for public infrastructure like a staircase, lift, and escalators for a planned foot over-bridge linking CSMT station to Mahatma Jyotiba Phule Mandai. Despite concerns over public utility and limited bidding-only two offers were received-the sale is part of BMC's strategy to ease financial pressure from infrastructure liabilities, which now exceed INR 2 lakh crore.
The Brihanmumbai Municipal Corporation (BMC) has auctioned a significant land parcel near South Mumbai's Crawford Market. The sale, recently conducted, has raised eyebrows amidst concerns over its public utility and the accepted price falling below official estimates. The plot in question measures 8,116 square meters and houses the Chhatrapati Shivaji Maharaj Market. Advertisement
AAV Developers LLP secured the 30-year lease for INR 369 crore-13% lower than the original base price of INR 428 crore?with an option for renewal. The deal requires AAV Developers to allocate space for public amenities, including a staircase, lift, and escalators for a planned foot over-bridge (FOB) by the railways. This FOB is intended to link the east and west sections of CSMT station and provide access to Mahatma Jyotiba Phule Mandai.
Only two bids were received for the auction: INR 369 crore from AAV Developers and INR 330 crore from Saroj Landmark Realty. The sale is part of the BMC's broader revenue-generation strategy to address mounting liabilities-now exceeding INR 2 lakh crore-linked to ongoing infrastructure projects.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
