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Mumbai Metropolitan Development Authority to Deal with Crash in Market

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The crash in the market has destroyed the plan of the Mumbai Metropolitan Development Authority in dealing with the Infrastructure projects.
According to the website www.propertykhazana.com, the 370 hectare office located at Bandra-Kurla complex for which the authority is inviting the tender. The bid will go to that person who will go ahead and quote the highest rental amount, regardless of various market situations. Furthermore, the agency will ask the concerned parties to quote the rent and the number of years of service which they would like to lease. The motive is to get the highest rental, so that the person can hold the shares in the new building.
The person who quotes the highest amount will be able to build the complex at his own expenses, and after that it will hand over the authority after the expiry of the lease. On a short note with www.propertykhazana.com, additional metropolitan commissioner, who refused to divulge the details but gave the hint that they are working on the terms and conditions. The MMRDA officials informed that the idea is implemented when the companies refused to go ahead with expansions and the rents for industrial complexes saw a huge cut by 40 percent.
Most of the real estate players have supported the move which is done by MMRDA. Market has obtained the confidence from the previous year. Furthermore, the rentals in Bandra-Kurla Complex are in the approx range of INR 350 square feet. Furthermore, we need to look at the incentive parameter which MMRDA offers, According to the Director of DTZ, Investment Advisory, which is a pioneer in real estate development. Furthermore, approx, over 1 million square feet of office areas will be added to Bandra-Kurla Complex later this year. For more and latest realty updates follow www.propertykhazana.com.
Source: NBTVLIVE

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