Two Wadala Plots For 375 Crores

The real estate sector may be experiencing a slump at present, but that has not stopped the Mumbai Metropolitan Region Development Authority (MMRDA) from offering two huge plots for long lease. The two plots are sited within the Wadala truck terminus opposite the IMAX multiplex.

The agency, undertaking multiple infrastructure projects in Mumbai, hopes to draw top notch developers and companies for the bid as the plots are well-connected by rail and road.

The MMRDA on Tuesday called bids for the two plots, meant for commercial complex and a movie multiplex respectively, for a lease of eighty years.

While the plot for the commercial complex has a permissible construction area of 24,000 square meters, the one for a cinema complex has a built up area of 13,500 square metres, said officials. The MMRDA has fixed a reserve price of Rs 240 crore for the commercial plot and Rs 135 crore for the movie theater complex. The successful bidder would have a free hand to design, finance, built and operate the commercial and movie multiplex plots, said officials.

“Nobody else has such big plots in the Wadala area. The MMRDA plots would set a benchmark in real estate rates in this central area of Mumbai,” said an official from MMRDA’s town planning department. “MMRDA strongly favours offering the commercial plot to financial institutions such as banks, insurance companies, housing finance agencies, merchant banks, asset management companies or mutual fund groups. We would prefer renowned FIs to bid for the plot. Corporate developers catering to financial institutions or IT/telecom companies would also be a good option,” said officials.

Asked if the time is right to put the plots under sale, MMRDA officials said the brisk pace of infrastructure development along the Wadala Truck terminus would definitely attract big names in real estate and FIs. “The recently sanctioned monorail line between Jacob Circle and Chembur would have a station at the Wadala terminus. Moreover, MMRDA would soon invite bids from developers to construct the Inter-state Bus terminus nearby,” said the official.

The plots, argue officials, is well connected even with the existing rail and road network. “It’s just five minutes from the Guru Tegh Bahadur (GTB) station on the harbour line. There is a flyover connecting the plot to the Eastern Express highway also,” pointed officials.

He was quick to add that the area already has a strong presence of residential homes. “People staying in Sion-Koliwada, Everard nagar, Bhakti Park are a stone’s throw from this plot. Anyway, moviegoers all over Mumbai know of this area because of their visit to IMAX Adlabs,” add officials.

2 Comments

  1. Posted August 21, 2008 at 12:09 am | Permalink

    India has “enormous potential in all its property investment categories”. Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com

  2. Real Estate Mumbai
    Posted August 21, 2008 at 6:14 am | Permalink

    Mumbai, being the metro it is … will always have properties for figures like this … no matter what the situation of the market is..

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