The MMRDA has reportedly modified the tender conditions to lease out its six-acre Wadala plot which was earlier meant for an iconic tower, after it failed to fetch expected price.

With a reserve price set at Rs 1,980 crore and a deferred payment schedule spread over five years with a 10 per cent interest annually, the MMRDA's tender has suddenly garnered a lot of interest.

As per the new modification, the developer will be able to set up an entire residential project in the proposed plot. Further, the Authority also permitted construction of multiple towers instead of a single tall skyscraper. Earlier, the proposed land parcel was earmarked for a mixed-use tower (commercial and other use) for which not many bidders had shown interest.

The Wadala plot has a development potential of close to 60 lakh sq ft. It was initially planned as a 101-storey commercial tower, but the MMRDA had to scale it down after it found no takers, besides facing objection from the civil aviation department.

MMRDA is likely to lease out the 25,000 sq mtrs Wadala land for 65 years to the highest bidder. According to the tender document, the land could be used for commercial offices, business centres, shopping malls, star hotels and restaurants, entertainment centre, health, sports facilities and residential. The maximum permissible height of the building shall be subject to limitations, if any, set out from time to time by the civil aviation department.

Also See:

Fresh bids to be invited for Wadala iconic tower (12-Dec-09) 

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