Record-Breaking Bids Elevate Mumbai's BKC Real Estate

The Mumbai Metropolitan Region Development Authority (MMRDA) concluded an auction of three commercial plots in Bandra-Kurla Complex, raising over Rs 3,840 crore. The bids showcased significant premiums over reserve prices, indicating strong investor confidence in this major business district of Mumbai.

The Mumbai Metropolitan Region Development Authority (MMRDA) secured over Rs 3,840 crore from an auction of three prestigious commercial plots in Bandra-Kurla Complex (BKC). The bids, opened on Friday, underscored robust investor enthusiasm for this premier business hub.

Japanese firm Sumitomo Corporation's Indian subsidiary, Goisu Realty Pvt Ltd, took top honors for Plots C-13 and C-19. Meanwhile, a coalition led by Schloss Bangalore Ltd successfully bid for Plot C-80, illustrating a diverse range of interested parties.

The competition yielded offers showcasing impressive premiums, with Goisu Realty offering Rs 1,360.48 crore for Plot C-13 and Rs 1,177.86 crore for Plot C-19, each substantially above the reserve price. This fervent bidding underlines the ongoing demand for prime real estate in Mumbai's financial nucleus.

(With inputs from agencies.)