After a three-and-half-year hiatus,the Mumbai Metropolitan Region Development Authority (MMRDA) will soon put up two new plots on the block at the Bandra-Kurla Complex (BKC). MMRDA sources said one plot will be residential and other commercial. At present,the 19-hectare business district of BKC has a total of 1.17 lakh square metres of commercial built-up space. Some of the prominent office buildings include the National Stock Exchange,banks and financial institutions such as ICICI,IL&FS,UTI,Citibank,Trident Hotel and the US Consulate. The only residential projects are a couple of under-construction buildings by Starlight Systems,a Piramal Sunteck Realty Group company. While much of BKC is earmarked for commercial space,MMRDA officials said there are about five fairly large residential plots available in the business hub,which can be sold one after the other. MMRDA officials pointed out that several consulates having lately bought land or already shifted base to BKC. These include British Deputy High Commission,which has moved into Naman Chambers; French consulate,which has taken office space at Wockhardt Towers; and the US consulate,which is expected to move into a sprawling new 10-acre complex later this year. We expect a spurt in premium residential demand for the families of diplomats working in the consulate offices. Moreover,BKC already has two international baccalaureate schools,such as the American School and the Dhirubhai Ambani International School,to cater to those who buy homes here, said an official explaining the MMRDAs move to sell residential plots. It has been three years since our last auction and we will soon look at putting up plots for sale, said MMRDA Commissioner Rahul Asthana. Consultants KPMG have submitted a report on the various financial models that could be used to develop the remaining few plots in BKC so as to garner the maximum revenue.
