MMRDA to auction Wadala plot after 15 years, eyes ₹1,629 crore windfall

MMRDA plans to auction a prime 10,860 sq m plot near Wadala Truck Terminal for ₹1,629 crore, aiming to attract major developers for mixed-use projects.

MUMBAI: 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.

MMRDA to auction Wadala plot after 15 years, eyes ₹1,629 crore windfall

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, hotels, shopping arcades, healthcare, cultural and educational facilities, and even theatres or indoor recreation zones. This mixed-use model is aimed at attracting major developers to create a self-sustained urban business and leisure district.

A long pause since 2008

The upcoming auction marks MMRDA’s return to Wadala after a long hiatus. In August 2008, the agency had tried to lease out two smaller plots in the same area — 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.

It was only two years later, in May 2010, that MMRDA’s next major auction — a 25,000 sq m plot at Wadala — saw a blockbuster outcome. The Lodha Group emerged as the highest bidder, quoting ₹4,053 crore ( ₹81,818 per sq m), double the reserve price. The project now stands as the New Cuffe Parade township. Other contenders included Sunteck Realty, Indiabulls Real Estate and Dosti Group.

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 evolving urban map.

However, connectivity is one major challenge. Currently, BEST buses are the only mode of public transport to the area, as the Mumbai Monorail has been suspended for maintenance. MMRDA officials admit that developing transport links is critical before large-scale commercial activity takes off.

In order to address this, several metro projects are underway. The Metro 4 and 4A corridors will connect Wadala to Thane’s Ghodbunder Road, with full operations expected by April 2027. Meanwhile, Metro 11, linking Wadala to the Gateway of India, has recently received state cabinet approval and now awaits central clearance before tenders can be floated.

The last major plot auctioned by MMRDA was in the Bandra Kurla Complex earlier this year, when 10 plots were offered for commercial, institutional, and recreational development. The response, however, was subdued — reflecting cautious investor sentiment amid 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 growing infrastructure ambitions. The authority is currently implementing multiple mega projects, including metro corridors, roadways, flyovers, and regional connectivity initiatives across the Mumbai Metropolitan Region.