MMRDA failed to get bids for two of the five plots that it auctioned in the Bandra-Kurla Complex (BKC).
For a commercial plot with a total developable area of 24,000 sq metres, the authority received around Rs 3.4 lakh per sq metre, only 14 per cent more than the reserve price of Rs 3 lakh per sq metre. Jet bought this bought as a sole bidder, to build its global headquarters. This is in mighty contrast to Rs 5.04 lakh per sq metre, the highest in the country to date, by Mumbai-based developer Wadhwa Builders for an MMRDA plot in November 2007.
Read BS article for more indication of sweet slowdown in realty.
