Bhoomi Construwell bids . 4,800 a sq ft for 6,133 sq ft ` of TDRs generated out of a slum rehabilitation project
The Mumbai Metropolitan Region Development Authority (MMRDA) has re . 52,000 per sq metre, or `ceived a bid of`. 4,800 a sq ft, for transferable development rights (TDRs) offered under an auction, which is the highest-ever bid received for TDRs in an auction by any government body .
MMRDA had put a total of 3.22 lakh sq ft of TDRs in Mumbai's western suburbs of Goregaon and Jogeshwari for auction. These TDRs generated through slum rehabilitation projects at Nirlon and Nesco plots in Goregaon and Ajgaonkar in Jogeshwari have witnessed unprecedented response with 14 bids from 12 developers.
According to experts, MMRDA is expected to generate a revenue of over ` . 150 crore through this auction.
Realty developer Bhoomi Construwell has . 52,011 per sq metre, or ` bid ` . 4,800 a sq ft, for 6,133 sq ft of TDRs generated out of a slum rehabilitation project on a plot in Jogeshwari. Currently, prices of TDRs generated at these three locations are between ` . 4,500 and . 5,000 per sq ft.` However, the rate is prevalent for TDRs sold by private developers. Typically , when a government body like MMRDA or Mhada auctions TDRs, the rates achieved are relatively lower. The response to the MMRDA auction of TDRs indicates hardening of TDR prices, given the shortage in the market.
“The response to TDR auction has been good. Apart from the highest bid received for TDRs generated out of the Jogeshwari plot, the average bid for TDRs of . 51,000 per fered stood at ` sq metre and this is also the highest bid average for TDRs offered by any government body,“ Anil Wankhede, Deputy Metropolitan Commissioner (Land and Estate) of MMRDA, told ET. “The allotment will be finalised after two weeks,“ he added. After this auction, MMRDA is left with additional 70,000 sq metre of TDRs generated in the suburbs.
The 12 developers who had bid for these development rights included Oberoi Realty, Aristo Realty Developers, Sapphire Land Development, Blue Diamond Construction Company, Saroj Landmark Realty, Kunal Realtors, Spade Realtors, Aakash Universal, Valji Sejpal & Co and Streamline Finance & Investment.
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