MMRDA waits for markets to stabilize

The Mumbai Metropolitan Region Development Authority (MMRDA) intends to postpone leasing of its vacant plots in the prime Bandra-Kurla Complex area.

Nearly 20 hectares of plots in BKC are still lying vacant and the authority is expecting the market to stabilise so that it can obtain higher bids from interested parties for the land.

Over 80 per cent of the land at BKC has already been leased out and of this, over 60 per cent has been developed.

The authority was not in need of immediate funds for its current projects.