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Rs 4,053 crore bid for MMRDA's Iconic Tower

May 25, 2010 19:42 IST

The Mumbai Metropolitan Region Development Authority on Tuesday received huge response for its Iconic Tower in Wadala (a Mumbai suburb) with Lodha Crown Buildmart Pvt Ltd quoting more than double the reserve price of Rs 40,000 per sq mt.

Lodha Crown quoted Rs 81,818.18 per sq mt, bringing in around Rs 4,053 crore (Rs 40.53 billion) for the MMRDA.

The other three bidders were Sunteck India Pvt Ltd (Rs 3,465 crore -- Rs 34.65 billion), Indiabulls Real Estate Ltd (Rs 3,327.50 crore – Rs 33.275 billion) and Gaurhari Estate Pvt Ltd (Rs 2,251.99 crore  -- Rs 22.512 billion).

The Mumbai Metropolitan Region Development Authority had invited bids for developing the iconic structure at Wadala on Design, Build, Own, Operate and Transfer (DBOOT) basis.

"We are happy at the response. In fact, we have received more than double of the reserve price. I am sure, the Iconic structure, once completed, would assume significant relevance and attract international business to the State," said S V R Srinivas, additional metropolitan commissioner, MMRDA.

The iconic structure will offer 50 lakh sq ft (5 million sq ft) of built-up area with eco-friendly systems which include energy conservation, re-cycling of water and also re-cycling of heat generated by the air-conditioners and such other heat generating systems.

The bid-winning developer is expected to construct the outer shell with provision of all basic amenities including security, lifts, communication systems, electrification, etc. The interiors of various premises would be left to the occupants to control the construction costs as most occupants, more often than not, show their own penchant for the interiors of their premises.