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The MMRDA (Mumbai Metropolitan Region Development Authority) is all set to process the auction of land in BKC (Bandra-Kurla Complex) with an aim to fund its some of infrastructure projects.

In past MMRDA has funded many infrastructure projects by selling different land parcels, but after 2007 its fist time when MMRDA decided to invite bids to fund its infrastructure projects. According to spokesperson of MMRDA, “We intend to sell 21,807 sq mtrs of residential space in G block (north) of BKC and 12,500 sq mtrs of commercial space in G block of BKC. MMRDA has decided to appoint consultants for the valuation and documents preparation in the process of bidding”. In Mumbai, the FSI (floor space index) for commercial and residential space is 4 and 3 respectively.

It is expected that in next few months consultant will prepare the whole road map for bidding invitation and rest of the process. According to one of the MMRDA official, “We hope that auction will start at the beginning of second quarter of 2016. We expect that we will get rate of Rs 4 to 5 lakh per sq mtrs, however; it also depends on the available built-up area, as there are more restrictions, due to which we have sought relaxation”.

MMRDA is planning to lay 118km of Metro lines with the cost of Rs 35,000 crore and MMRDA has already sanctioned work for Dahisar (Rs 5,566 cr) to DN Nagar Metro; Phase I, Metro II (Rs 4,737 cr) and Dahisar-East to Andheri-East Metro VII corridor. It will also have the pride for MMRDA to fund Rs 23,136 cr for Metro III or Colaba-Bandra-Seepz and its proposed extension between Kanjurmar-Seepz, which will cost around Rs 1,700 cr. However; it is expected that for Metro III it will get the bank loan for 88 per cent of the total cost from Japan International Cooperation Agency.

According to officials, “From many years we did not sell land because of downturn in the market, but now scenario is getting better and we need funds for crucial and most important projects. Earlier, MMRDA had tried to sell land with the rate of Rs 3 lakh per sq mtrs, but many felt that price was too high in 2010”.

Ready apartments in Thane

Thane Ghodbunder Road residential area comes as welcome news for the flat buyers who feel that realty in Mumbai is overly priced.

In near future, Ghodbunder Road is going to rival Andheri, Powai and Goregaon as far as the real estate is concerned given that Wadala-Ghodbunder road metro connectivity is going to be stretched all the way.

The area is going to witness project deliveries of more than 40 per cent projects active in the area. There are 65 active projects in the locality out of which over 20 will be giving possession in the next by the end of the year. “Ready stock is pushing up the demand in Ghodbunder Road. This stock offers properties in varied budget ranges of Rs 40 lakh to Rs 1 crore,” says Anand Patil, proprietor, Oceanic Realtors.

“Availability of comparatively affordable new property options makes the locality an attractive investment hub for young buyers aged between 27-35 years,” informs Patil. Apart from this, sentiments also improved as the Wadala-Thane Metro is expected to get funding from the World Bank.

Ghodbunder Road has entered the top 10 list of the most preferred localities for purchase, as per the real estate watchers.  The area is listed on the ninth spot and shares space with some top localities of Mumbai such as Andheri East and West, Powai and Goregaon.

As per the data, a 1BHK of 500-600 sq ft is available for Rs 50 to 64 lakh while a slightly larger apartment of 800 sq ft is offered for Rs 95 lakh. GB Road also has multiple 3BHK options available in a higher price bracket of Rs 1.8 crore to Rs 2.5 crore.

Areas along the Ghodbunder road like Manpada offers a 500 sq ft 1BHK apartment at a starting price of Rs 60 lakh, while Pokhran Road offers a similar size apartment in a budget range of Rs 68-74 lakh. Similarly, Mulund East offers smaller properties at Rs 90 lakh to Rs 1.2 crore for a 700 sq ft property.

Brahmand, Kasarvadavali, Hiranandani, Vijay Nagari are popular residential colonies along the Ghodbunder road. As per the Mumbai Metropolitan Region Development Authority (MMRDA) plan, all these localities will be having a metro station in the vicinity and would have direct connectivity to South Mumbai as well as to Thane’s Teen Hath Naaka. The metro connectivity is expected to boost real estate prices further in the area.

Residential Properties in Thane

Property Price in thane