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MMRDA to allot Bandra-Kurla Complex land parcel to Indian Oil Corpn

Monday, 20 Jul 2020
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The Mumbai Metropolitan Region Development Authority (MMRDA) has decided to allocate the Indian Oil Corporation (IOCL) 400 sq mtr plot in Bandra-Kurla Complex (BKC) next to the land parcel on which the company has constructed its registered office building. 
IOCL’s registered office building stands on 1,200 sq mtr plot in BKC’s C-50 Zone that was allocated in April 2004 for a lease period of 80 years. 
For the new plot being allotted, a lease for remaining 64 years will be signed with IOCL instead of 80 years so that the lease period for the entire 1,600 sq mtr plot remains the same. 
Sumitomo Corporation had bought three acre plot in BKC for a consideration of Rs 2,238 crore in 2019 which was one of the largest investments by a foreign company in Indian real estate.
The land parcel will be allotted to IOCL at the last successful auction rate of over 3.44 lakh per sq mtr achieved through Sumitomo Corporation’s deal in BKC a few months ago. 
MMRDA is a development authority engaged in long term planning and implementation of strategic projects and financing infrastructure development in the Mumbai Metropolitan Region (MMR).
As per its regulations, the authority has allowed Indian Oil to pay 30 percent of the land value in one month and the remaining in another eight months. 
The authority has more land parcels available in the business district and may consider auctioning these once the market stabilises.
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