Coming after a period of two years,the latest chunk of plot to be put on the block at the Bandra Kurla Complex (BKC) has evinced interest from various developers.
Developers like HDIL,Godrej Properties,Bharti Realty,Vinita Group and Oberoi Constructions were among the few realty players present at a recent pre-bid meeting held by the Mumbai Metropolitan Region Development Authority (MMRDA). The bids will be submitted as well as opened two weeks later on March 3. The 3,162 sq mt commercial plot has a reserve price of Rs 435 crore. Priced at Rs 3 lakh per sq mt,the plot has been ambitiously priced on par with rates prevailing at the beginning of 2008 before the slump left its dent.
In March 2008,the MMRDA had found no takers for two of its five plots that were priced at Rs 3 lakh a sq mt. As for the remaining three plots,the MMRDA is yet to recover close to Rs 1,000 crore from the two bidders. Two residential plots were picked up by Starlight Systems and the remaining one commercial plot had a sole bidder in Jet Airways.
SVR Srinivas,additional MMRDA commissioner,said that this time the agency is confident of getting offers from many more firms coming forward to bid on the final day.
We have done the pricing based on certain calculations. Besides,the market too is recovering after two years. The rates for transfer of development rights (TDR) that have gone over Rs 2500 per sq ft is an indicator of that, said Srinivas.