Brookfield Asset Management entity and Japan’s Sumitomo Corp have emerged as the highest bidders with their record bids for three plots auctioned by the Mumbai Metropolitan Region Development Authority ( MMRDA) in the business district Bandra-Kurla Complex (BKC), people with direct knowledge of the development told ET.
MMRDA will fetch a total Rs 3,840.5 crore from auction of these three land parcels.
Brookfield has bid Rs 387,000 per sq meter for a land parcel spread over more than 2 acres, while Sumitomo Corporation has bid Rs 480,945 per sq meter and Rs 482,992 for two separate plots spread over 1.5 acres and 1.7 acres, respectively.
The reserved price for these plots reserved for commercial usage was 3,44,500 per sq meter with permissible floor space index (FSI) of four times. The bids were opened on Friday.
Brookfield won the bid for plot C-80, which covers more than two acres and has a development potential of 33,647 square meters of built-up area. The global institutional investor has been actively expanding its commercial real estate footprint in Mumbai, and this acquisition aligns with its broader strategy of investing in premium office spaces.
With Sumitomo and Brookfield set to develop high-end commercial establishments, these projects are expected to further enhance Mumbai’s status as a global financial hub. According to experts, the demand for premium office spaces in BKC will continue to grow, driven by multinational corporations, financial institutions, and tech firms seeking world-class infrastructure in the city.
ET’s email queries to MMRDA and Brookfield remained unanswered, while Sumitomo could not be reached immediately.
MMRDA is expected to utilise the proceeds from these land auctions to finance key infrastructure projects across the Mumbai Metropolitan Region, including metro expansions and road developments.
MMRDA will fetch a total Rs 3,840.5 crore from auction of these three land parcels.
Brookfield has bid Rs 387,000 per sq meter for a land parcel spread over more than 2 acres, while Sumitomo Corporation has bid Rs 480,945 per sq meter and Rs 482,992 for two separate plots spread over 1.5 acres and 1.7 acres, respectively.
The reserved price for these plots reserved for commercial usage was 3,44,500 per sq meter with permissible floor space index (FSI) of four times. The bids were opened on Friday.
Brookfield won the bid for plot C-80, which covers more than two acres and has a development potential of 33,647 square meters of built-up area. The global institutional investor has been actively expanding its commercial real estate footprint in Mumbai, and this acquisition aligns with its broader strategy of investing in premium office spaces.
With Sumitomo and Brookfield set to develop high-end commercial establishments, these projects are expected to further enhance Mumbai’s status as a global financial hub. According to experts, the demand for premium office spaces in BKC will continue to grow, driven by multinational corporations, financial institutions, and tech firms seeking world-class infrastructure in the city.
ET’s email queries to MMRDA and Brookfield remained unanswered, while Sumitomo could not be reached immediately.
MMRDA is expected to utilise the proceeds from these land auctions to finance key infrastructure projects across the Mumbai Metropolitan Region, including metro expansions and road developments.
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