BKC plot reserved for textile units set for auction

With barely five plots remaining in the G block of the Bandra Kurla Complex,the MMRDA has now decided to put under the hammer the 35-hectare G-text block that was once reserved for relocation of wholesale textile markets.

With barely five plots remaining in the G block of the Bandra Kurla Complex (BKC),the MMRDA has now decided to put under the hammer the 35-hectare G-text block that was once reserved for relocation of wholesale textile markets.

With a floor space index of 4,this would translate into a potential built-up space of more than 1 million sq metres.

Much of BKCs G block has been developed to saturation,with buildings including the National Stock Exchange,banks and financial institutions such as ICICI,IL&FS,UTI,Citibank,Trident Hotel and the US Consulate. The G-text block,a piece of open land opposite the Diamond Bourse,had been kept aside for relocating the textile market from Dadar to BKC under a market relocation policy framed in1984 for decongesting the city.

The Mumbai Agricultural Produce Market Committee (APMC) and the wholesale markets of iron and steel were shifted to Navi Mumbai under the policy. The Diamond Bourse,constructed over 20 acres right next to the G-text plot,was also set up to move the diamond merchants from Opera House in South Mumbai to BKC. However,with its land bank getting smaller by the day,the MMRDA decided against relocating the textile market to BKC and instead requested the government to allow it to auction plots in this block too.

Unlike the plots in the G block that were auctioned as and when the need arose,the MMRDA will integrate urban design principles while developing the G-text block and include elements like wide walking plazas. KPMG consultants have already submitted a report on the various financial models that could be used to develop this block, said an MMRDA official.

For G-block plots,developers have to make an upfront payment within three months; for G-text plots,the MMRDA will adopt a financial model that will involve mostly staggered payments over a longer period.

Meanwhile,egged on by the bullish sentiment in the realty market,the MMRDA plans to call for tenders for two commercial plots in G block. The tender documents are yet to be finalised but sources say the plots,3,000 sq m and 5,000 sq m,will be priced around Rs 3 lakh per sq m. If it finds bidders,it would be the agencys first land deal in BKC in more than two years. The last deal at G Block was with Jet Airways and Starlight Systems in March 2008; an attempt earlier this year to auction a plot in BKC drew a complete blank.

Stay updated with the latest - Click here to follow us on Instagram