The property market crash has foiled the plot for the Mumbai Metropolitan Region Development Authority (MMRDA), which relies on selling the land in its possession at market rates to fund infrastructure projects.
Worried that the trend will continue, the authority is toying with a new revenue stream — of leasing the land, at a fraction of the sale price. The authority will get the land back after the lease expires, by when, hopefully, the market would have recovered.
On the top of its list is the 370-hectare planned office space at Bandra Kurla Complex, for which the authority is planning to invite lease bids in the next few months. The successful bidder would be the one who either quotes the highest rental irrespective of market fluctuation, or a rent which increases over a period of time.
More : dnaindia.com
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