Mumbai : In a major boost to Mumbai’s commercial real estate sector, the Mumbai Metropolitan Region Development Authority (MMRDA) has announced plans to auction a prime land parcel near the Wadala Truck Terminal after a gap of more than 15 years.
The 10,860 sq. m. plot, located within the Wadala Notified Area, carries a reserve price of ₹1,629 crore and will be leased for 80 years. With a generous Floor Space Index (FSI) of 10, the successful bidder will be allowed to construct up to 1,08,600 sq. m. of built-up area.
According to MMRDA officials, the reserve rate is expected to be around ₹1.5 lakh per sq. m., reflecting renewed optimism in the city’s real estate market. The plot, governed by MMRDA’s 2019 Development Control Regulations, allows for mixed-use development — including offices, hotels, retail, healthcare, cultural, and educational facilities.
The authority aims to transform the area into a modern business and leisure district that could potentially rival Bandra Kurla Complex (BKC). This marks MMRDA’s first return to Wadala since 2008, when earlier lease attempts were shelved amid the global financial crisis.
Wadala’s strategic location gives it immense potential as a future commercial hub, though limited connectivity — especially after the suspension of the monorail — remains a concern. However, the upcoming Metro 4 and 4A corridors connecting Wadala to Thane by 2027, and Metro 11 linking Wadala to the Gateway of India, are expected to dramatically improve accessibility.
Officials said the auction proceeds will be directed toward funding MMRDA’s major infrastructure projects, including metro lines, flyovers, and regional road networks — reinforcing Wadala’s place as Mumbai’s next growth center.
