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In a first-of-its-kind move, the Brihanmumbai Municipal Corporation (BMC) has raised ₹1,248 crore through the direct auction of two premium land parcels—marking a strategic shift toward monetising civic assets to fund long-term infrastructure projects.
The Worli Asphalt Plant plot was sold to Indivara Developers for ₹879 crore, while Aava Developers acquired the Paltan Road plot near Crawford Market for ₹369 crore. This historic auction, concluded on June 14, followed months of delay and initially saw interest from institutions like the Reserve Bank of India (RBI) and Central Railways (CR). However, both entities ultimately opted out—CR over payment clause issues and RBI due to late-stage entry.
A third plot in Malabar Hill was withdrawn from the auction following objections by the BEST undertaking over the presence of high-tension power lines, rendering the site unfit for private development.
BMC officials confirmed that the auction adhered to all procedural requirements, including public notification and competitive bidding. The civic body sees this as a model for future asset monetisation, reducing reliance on loans and boosting self-sustaining infrastructure finance.
News by Rahul Yelligetti.
