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Bandra land gives big boost to Mumbai realty
Mumbai's realty sector gets a much needed boost with nearly 4,500 sq mt of land in Bandra East, situated adjacent to the Western Express Highway, to be thrown open for commercial exploitation.
This was made possible after Maharashtra's revenue department vacated the stay on the plot and directed the Mumbai suburban district collector to carry out its measurement and demarcation.
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Bandra land gives big boost to Mumbai realty
The commercial exploitation, to be undertaken by Railway Land Development Authority (RLDA) with the help of consultants, would partially fund the Rs 5,300 crore Mumbai Urban Transport Project-II (MUTP-II) which envisages improvement in the suburban rail transport system.
Officials with the Maharashtra government and the Mumbai Rail Vikas Corporation (MRVC), a nodal agency responsible for various projects under MUTP-II, projected that about Rs 2,500 crore would be mobilised through the commercial exploitation of the Bandra plot.
The proposal was initially approved in 2008 but some citizens disputed the ownership of the land as soon as the RLDA invited bids for its commercial exploitation in September that year.
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Bandra land gives big boost to Mumbai realty
Rakesh Saksena, managing director, MRVC, welcomed the government's decision. "A couple of formalities need to be completed. Based on the revenue minister's directive, we will need to seek the Bombay High Court's approval since Western Railway had approached it against the state government. The state government has asked the Mumbai suburban district collector to complete the measurement and demarcation within two weeks," he told Business Standard.
Prabhat Ranjan, MRVC's chief public relations officer, said the commercial exploitation of the plot would fund nearly 40 per cent of MUTP-II.
Some of the projects include the fifth and sixth lines between Chhatrapati Shivaji Terminus (CST) and Kurla, the sixth line between Mumbai Central and Borivli, expansion of the harbour rail service up to Goregaon, station improvement and trespassing control scheme, and completion of DC to AC between CST and Thane, he added.
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Bandra land gives big boost to Mumbai realty
Yomesh Rao, director, YMS Consultants said: "The opening up of the Bandra land for commercial exploitation will change the dynamics of Bandra East which is situated nearer to the Bandra railway terminus and also to the airport. Currently, the realty price in Bandra East is about Rs 20,000 per sq ft while it is Rs 27,000 per sq ft for residential purpose in the adjacent MIG Colony and Rs 20,000 to Rs 25,000 per sq ft in the Bandra Kurla Complex."
The locational advantage is a huge plus point, he added.
Paras Gundecha, MCHI-CREDAI president, said the commercial exploitation of the plot is good news both for the realty sector and also for the government. "The fund mobilisation will help implement various railway projects. At the same time, the realty sector will be able to tap opportunities in the residential and commercial segments," he added.
