Mukesh’s bid double of BKC reserve price
MUMBAI: Mukesh Ambani’s bid of Rs 1,104 crore for the Bandra-Kurla Complex (BKC) was two-and-a-half times more than the reserve price of Rs 480 crore fixed by the Mumbai Metropolitan Region Development Authority (MMRDA).
“Both the Ambani brothers were extremely keen to get this plot. It was a prestige issue for them,” a senior MMRDA official said.
A Reliance official said the centre would compare with the best in Asia. “Expect a world-class convention and exhibition centre between Dubai and Singapore,” he said.
The centre will be spread across seven lakh sq ft of built-up space and will consist of five exhibition halls, a convention auditorium to accommodate 2,000 people, conference halls, boardrooms, shops, offices, public areas and car parking.
According to experts, the plot has fetched a premium price only because the MMRDA included a commercial development component in the project.
“A convention centre alone is not a big revenue earner. This is why in the past, bidders backed out. We had to amend the project to make it viable,”said MMRDA’s additional commissioner T Chandra Shekhar.
“BKC is the new Nariman Point. The money accrued from the allotment will be put back in the infrastructure projects,”he said.
SOURCE:THE TIMES OF INDIA
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