Mumbai: The Mumbai Metro Rail Corporation (MMRC) aims to raise at least Rs 5,173 crore by leasing a 4.2-acre plot in Nariman Point. This land was previously used for political party offices but was cleared to build the Vidhan Bhavan Metro station.
MMRC received this land as a replacement for the Aarey car depot of Metro Line 3, where a part of the land was initially planned for commercial use but later cancelled due to protests by activists. MMRC has opened a global bid, allowing foreign and alternative investment funds to submit tenders for leasing the land. This plot has a development potential of 16 lakh square feet, with 1,13,500 square feet set aside for rehabilitation.
With the funds gathered from the lease, authorities will pay interest to the Japan International Cooperation Agency (JICA), and to finance other ongoing Metro projects. RMZ Group, Tata Group, Blackstone Group and Oberoi Realty are among those companies that have shown interest in the project. Bidders can either pay the full amount upfront or opt to pay 50 per cent initially, with the rest spread over four years at a 12 per cent interest rate.
The bidding deadline is November 27. Site Hosted Offices of Congress, NCP, Shiv Sena This plot, which used to house the offices of the Congress, Nationalist Congress Party, Shiv Sena, Peasants and Workers Party, and other state government offices, was taken over in 2017 for the construction of the 33km-long Colaba-Seepz Metro. The Vidhan Bhavan station will be built .