Mumbai MHADA’s Big Move: E-Auction of 170 Shops Set to Ignite Commercial Real Estate
Mumbai, 2nd January 2024: In a significant development, the Mumbai board of MHADA is gearing up for the long-awaited e-auction of 170 shops across various locations in the city. Creating advertisements for this auction has gained momentum, with plans to publish the sale details by the end of January. The e-auction event is scheduled to take place in February, raising expectations of a substantial revenue influx for the board.
MHADA’s housing projects often include shops to cater to the needs of residents. These commercial spaces are auctioned off, contributing to the funding of housing initiatives. However, in recent years, a surplus of unsold shops has accumulated, prompting the decision to restart the auction process.
The Mumbai board has expedited the e-auction process for 170 shops, strategically located in Pratikhsha Nagar, Gavanpada, Tunga Powai, Goregaon, Malvani, and other areas. The advertisement for the e-auction is expected to be unveiled in the third or last week of January, signalling the beginning of the application period.
Prospective buyers can apply for the shops by submitting the necessary deposit amount after the advertisement is published. Applications will undergo scrutiny to determine eligibility, and the e-auction itself is scheduled for February. The highest bidder in the e-auction will secure the right to purchase and be allotted the shop.
The auction encompasses shops ranging from 9 to 200 square meters, providing a variety of options for potential buyers. The bid amounts for these shops have been fixed within a range of Rs. 25 lakhs to Rs. 13 crores, ensuring accessibility for a broad spectrum of investors.
Here is a breakdown of the number of shops available in different locations:
– Pratiksha Nagar, Sion: 15 shops
– Swadeshi Mill: 5 shops
– Gavanpada, Mulund: 8 shops
– Tunga, Powai: 3 shops
– Bimbisar Nagar, Goregaon: 17 shops
– Malvani, Malad: 57 shops
– Charkop: 34 shops
– Magathane: 12 shops
– Kandivali: 12 shops
– Others: 5 shops
