Wadala Plots Up for Grabs: MMRDA Seeks Bids for Commercial and Multiplex Developments
Despite the current real estate downturn, the Mumbai Metropolitan Region Development Authority (MMRDA) is forging ahead with plans to offer two substantial plots for long-term lease in Wadala, Mumbai. Strategically located opposite the IMAX multiplex within the Wadala truck terminus, these plots are expected to garner considerable interest from prominent developers and companies, given their excellent connectivity by road and rail.
MMRDA Invites Bids for 80-Year Lease
On Tuesday, the MMRDA, responsible for numerous infrastructure projects across Mumbai, officially announced the bidding process for these two plots. The lease is set for eighty years. One plot is designated for a commercial complex, while the other is earmarked for a movie multiplex.
Plot Details and Reserve Prices Unveiled
According to officials, the plot designated for the commercial complex boasts a permissible construction area of 24,000 square meters, while the multiplex plot offers a built-up area of 13,500 square meters. The MMRDA has established a reserve price of Rs 240 crore for the commercial plot and Rs 135 crore for the movie theater complex plot. The winning bidder will have complete autonomy to design, finance, construct, and operate both the commercial complex and the movie multiplex.
MMRDA's Vision for Wadala's Future
"These are unparalleled plot sizes in the Wadala area. The MMRDA plots are poised to set new benchmarks for real estate rates in this central Mumbai locale," stated an official from the MMRDA’s town planning department. "The MMRDA has a strong preference for offering the commercial plot to financial institutions. We envision banks, insurance companies, housing finance agencies, merchant banks, asset management companies, or mutual fund groups occupying the plot. The agency also welcomes bids from corporate developers catering to financial institutions or IT/telecom companies."
Strategic Infrastructure Development to Drive Demand
Addressing concerns about the current market conditions, MMRDA officials expressed confidence that the ongoing infrastructure development around the Wadala Truck Terminus will undoubtedly attract significant real estate players and financial institutions. "The recently approved monorail line connecting Jacob Circle and Chembur will include a station at the Wadala terminus. Additionally, the MMRDA will soon initiate the bidding process for developers to construct the Inter-state Bus terminus nearby," the official explained.
Existing Connectivity and Residential Presence
The plots benefit from excellent connectivity via existing rail and road networks. "The plots are just a short five-minute distance from the Guru Tegh Bahadur (GTB) station on the Harbour line. A flyover also provides direct access to the Eastern Express Highway," officials indicated. The area already boasts a substantial residential population. "Residents of Sion-Koliwada, Everard Nagar, and Bhakti Park are within easy reach of this location. Furthermore, the presence of IMAX Adlabs has already put this area on the map for moviegoers across Mumbai," they added.