BMC to appoint consultant to study cluster redevelopment, monetisation of leased, tenanted properties

While the BMC, in its fiscal budget for the year 2024 – 25 trained its eyes on completing existing infrastructure projects across the city, the civic body has been experiencing a strain on its existing funds.

Seeking to explore new sources as well as augment its revenue from the existing resources, the BMC, in February, had announced that they would implement a roadmap seeking to generate revenue from its leasehold as well as tenanted properties.

Municipal Commissioner and state-appointed administrator Iqbal Singh Chahal, in his budget speech, said that the civic body would invite bids to carry out cluster redevelopment of the municipal tenanted properties.

A month on, the BMC has now set the ball rolling on this ambitious plan by inviting ‘Express of Interest’ from consultants who will be tasked with studying as well as implementing a plan for redevelopment, utilisation as well as monetisation of properties enlisted under the estate department.

The civic estate department has nearly 4,177 leased properties and 3,500 tenanted properties amongst other buildings and plots.

Speaking to The Indian Express, a BMC official said, “As the civic body has increasing liabilities, we are looking to appoint a consultant who will study and then advise the BMC on how to earn more revenue. Amongst other plans, we are looking at cluster redevelopment of the plots and properties under the estate department, monetisation of tenanted properties.

“We will be appointing world renowned consultants who will devise the best policy for the BMC to increase its earning. They will also study how other countries have generated revenue from their estate properties,” the official added
Once the appointed consultants submit their feasibility reports, the civic body will then create a task force to implement the charted roadmap over the next ten years.