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The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids to lease a 10,860 sq. m. commercial plot in Wadala, valued at a reserve price of INR 1,629 crore. With a high permissible FSI of 10, the site offers a built-up potential of 1,08,600 sq. m. Located in the Wadala Notified Area, the plot is part of MMRDA's plan to develop Mumbai's third central business district after BKC and Nariman Point. Enhanced by metro, monorail, and freeway connectivity, the initiative aims to attract large-scale commercial investment and generate non-fare revenue for regional infrastructure. The project marks a key step in decentralising Mumbai's commercial growth.
The MMRDA has offered for lease a commercial plot measuring 10,860 sq m in Wadala, with the objective of generating fresh non-fare revenue and bolstering infrastructure development in the region. The reserve price has been set at INR 1,629 crore. The site allows a permissible built-up area of 1,08,600 sq m under an FSI (floor space index) of 10. Advertisement
The land sits in what is designated as the Wadala Notified Area, a zone that the MMRDA intends to transform into Mumbai's third central business district after BKC and Nariman Point. The authority's decision to monetise the plot stems from limitations in the available land bank at BKC and the need to create alternative growth corridors.
Originally, the state government had leased 126.6 hectares in Wadala to the MMRDA in 1984 for a truck-terminal project intended to decongest South Mumbai. In subsequent years, the MMRDA served as the Special Planning Authority for the area and drafted revised layouts and development control regulations (DCRs) - in 2010 the global FSI was set at 4, while in the latest plan the proposed FSI has been set at 10. The revised master plan also factors in key transport links such as the Monorail, Metro Line 4, a proposed inter-state bus terminal, and the Eastern Freeway, all of which enhance multimodal connectivity to the site.
By initiating the bid process for this significant Wadala plot, the MMRDA has taken an important step in redirecting commercial growth to a new precinct beyond the saturated BKC market. The leasing strategy is aimed at not only unlocking the area's commercial potential but also raising funds for infrastructure projects across the Mumbai Metropolitan Region. While competition for the site is anticipated to be vigorous, the true test will lie in how swiftly the successful bidder moves into execution and how the area evolves into a distinct CBD destination in the city's broader business geography.
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