The Brihanmumbai Municipal Corporation (BMC) has successfully auctioned two high-value land parcels, generating Rs 1,248 crore. This marks the first time the civic body has directly auctioned its own properties, aiming to monetise real estate assets for long-term infrastructure funding rather than depending solely on traditional financing sources.

The Worli Asphalt Plant plot was acquired by Indivara Developers for Rs 879 crore, while Aava Developers secured the Paltan Road plot near Crawford Market for Rs 369 crore. The auction, concluded on June 14, followed an eight-month delay during which the Reserve Bank of India (RBI) and Central Railways (CR) showed initial interest but ultimately did not participate. Despite CR previously offering Rs 428 crore for the Crawford Market plot, the deal collapsed due to ambiguity over payment terms. The RBI’s interest in the Worli plot also came too late for consideration.

A third plot in Malabar Hill was withdrawn after objections from the BEST undertaking due to the presence of high-tension power lines, making it unsuitable for private development. BMC officials confirmed that all procedural norms, including public advertisements and a tender process, were followed.