MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday auctioned three plots in city’s Bandra-Kurla Complex (BKC) for Rs 1,322 crore.
It’s a far cry from the Rs 2,790 crore the authority earned just three months ago for a similar transaction, confirming what every real estate player has dreaded so far, the slowdown in Mumbai’s property market is finally real.
The slump in the real estate market is also being attributed to the turbulence in the equities market and a slowdown in Indian industrial production figures on concerns that the recession in the US and financial liquidity problems may adversely impact India. It could be for the first time since 1995 that the MMRDA is getting a poor response to its land auction.
The MMRDA had put 5 plots on auction in the G-Block of Bandra-Kurla Complex, 2 commercial, 2 residential and a club house. However, it did not open the bids for one of the commercial plots, while there were no bidders for the club house property.
MMRDA officials said the authority sold the 3 plots, 2 residential and 1 commercial, to pharma tycoon Ajay Piramal-promoted Starlight Systems and Jet Airways, respectively. Starlight quoted Rs 248 crore each for the two residential plots measuring 7,050 sq m.
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