After a gap of over 15 years, the Mumbai Metropolitan Region Development Authority (MMRDA) is preparing to auction a prime plot of land near the Wadala Truck Terminal, with a reserve price pegged at a staggering ₹1,629 crore.
The 10,860 sq m plot, part of the Wadala Notified Area, will be leased to private developers for 80 years. With a permissible Floor Space Index (FSI) of 10, the developer will be allowed to construct up to 1,08,600 sq m of built-up area. The reserve rate has been nearly finalised at ₹1.5 lakh per sq m—signalling MMRDA’s expectations of a strong response from the market. “We plan to float the bid sometime next month,” confirmed Sanjay Mukherjee, Metropolitan Commissioner, MMRDA.
According to MMRDA’s Development Control Regulations, 2019, the plot can accommodate a mix of commercial and retail developments, including:
- Offices
- Restaurants and hotels
- Shopping arcades
- Healthcare and educational facilities
- Cultural centres, theatres, and indoor recreation zones
This mixed-use model aims to attract major developers to create a self-sustained urban business and leisure district.
The upcoming auction marks MMRDA’s return to Wadala after a long hiatus. In August 2008, the agency tried to lease two smaller plots—one for a commercial complex and another for a multiplex—at reserve prices of ₹240 crore and ₹135 crore, respectively. However, the global financial crisis and a slump in the real estate market resulted in a tepid response.
In May 2010, MMRDA’s next major auction—a 25,000 sq m plot—saw a greatoutcome. The Lodha Group emerged as the highest bidder at ₹4,053 crore (₹81,818 per sq m), double the reserve price. Other contenders included Sunteck Realty, Indiabulls Real Estate, and Dosti Group. That project now stands as the New Cuffe Parade township.
Why Wadala Matters?
MMRDA serves as the Special Planning Authority not only for the Bandra Kurla Complex (BKC) but also for the Wadala Notified Area and other key business districts. With most prime plots in BKC already leased, the focus is shifting towards unlocking the potential of Wadala, seen as the next commercial hub in Mumbai’s urban landscape.
Connectivity, however, remains a challenge. Currently, BEST buses are the only mode of public transport to the area, as the Mumbai Monorail has been suspended for maintenance. Officials emphasise that developing transport links is critical before large-scale commercial activity takes off.
- Metro Projects Underway
- Several metro projects are expected to enhance Wadala’s connectivity:
- Metro 4 & 4A corridors: Connect Wadala to Thane’s Ghodbunder Road; operations expected by April 2027.
- Metro 11: Linking Wadala to the Gateway of India, recently received state cabinet approval and awaits central clearance before tenders are floated.
Earlier this year, MMRDA auctioned 10 plots in BKC for commercial, institutional, and recreational development. Investor response was subdued due to high borrowing costs and uneven post-pandemic recovery. Still, officials believe the Wadala plot, given its location, scale, and development potential, could reignite market interest. The proceeds from land monetisation are vital for MMRDA’s infrastructure ambitions, which include metro corridors, roadways, flyovers, and regional connectivity initiatives across the Mumbai Metropolitan Region.
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