Mumbai Metro Rail Corporation will lease a 4.2-acre plot in Nariman Point to raise Rs 5,173 crore. This land was initially used for political party offices but will now house the Vidhan Bhavan Metro station.
MUMBAI: Mumbai Metro Rail Corporation ( MMRC ) plans to amass at least Rs 5,173 crore by capitalising on a 4.2-acre plot in Nariman Point through a lease agreement . The plot, formerly utilised for political party offices, was later vacated for the construction of Vidhan Bhavan Metro station.
This land was apportioned to MMRC as a substitute for the Aarey car depot of Metro Line 3 where commercial utilisation was envisaged on a portion of land but was rescinded following objections by activists. MMRC's global bid for proposals permits foreign and alternative investment funds to submit tenders on leasing the land. The 4.
2-acre parcel possesses a development potential of 16 lakh square feet, with 1,13,500 sq ft earmarked for rehabilitation objectives. Proceeds from the lease will aid in financing ongoing Metro projects and interest remittances to Japan International Cooperation Agency (JICA). Blackstone group, Oberoi Realty , RMZ Group and Tata Group have exhibited interest in the plot, said officials.
Bidders can either remit the entire sum upfront or opt to pay 50% initially and the rest with 12% interest over four years. The bidding deadline is Nov 27. The Nariman Point plot accommodated offices of the Congress, Nationalist Congress Party, Shiv Sena, Peasants and Workers.
