BMC To Auction Four Mumbai Properties Online Raising Expected Revenue Of Rs 120 Crore
Brihanmumbai Municipal Corporation (BMC) is set to auction four properties across Mumbai through an online platform on October 29, targeting minimum revenue of Rs 120.53 crore. The initiative reflects the civic body’s renewed efforts to diversify revenue streams amid declining fixed deposits and rising urban infrastructure demands.
The properties scheduled for auction include a 2,500-square-metre land parcel belonging to Shanti Sadan CHS in Chunabhatti with a base price of Rs 47.09 crore, a 3,000-square-metre plot owned by the Housing Commissioner of Bombay at Rs 37 crore, a 1,648-square-metre house with shops in Kalbadevi at Rs 26.01 crore, and the 624-square-metre Rajani Bungalow in Borivali set at Rs 10.43 crore. Officials emphasised that all valuations have been determined using ready reckoner rates to ensure transparency and alignment with current market prices. Deputy Municipal Commissioner explained that public notices have been issued for all four properties, and the online auction registration process is underway. The auction will be conducted by an external agency to ensure efficiency and fairness. A minimum of three bidders is required for the sale to be considered valid, with provisions for a re-auction if responses fall short.
The move comes against the backdrop of financial pressures on the BMC. Fixed deposits of the civic body have fallen from Rs 91,690 crore in 2021-22 to Rs 79,498 crore in 2024-25, a decline of nearly Rs 12,000 crore. In response, the municipal administration has been exploring innovative revenue-generation methods, including leasing plots, selling housing units, and now online property auctions. Property tax collections remain a key source of funds, with the BMC collecting a record Rs 6,011 crore against a target of Rs 6,200 crore this year. Most auctioned properties have been seized due to prolonged default on property tax payments. Standard procedures involve notice issuance, penalties, and legal attachments before properties are listed for sale. Complex ownership structures have historically delayed auctions. For example, the Rajani Bungalow in Borivali has seven legal owners, and disputes over tax liabilities kept it tied up in court proceedings for years. Officials clarified that any surplus proceeds from the auction, after settling dues, will be distributed among owners.
Experts note that this auction marks a significant milestone in Mumbai’s real estate and municipal governance. By leveraging digital platforms, the BMC aims to enhance transparency, streamline property recovery, and generate substantial revenue to fund urban infrastructure and public services. The initiative also signals the civic body’s readiness to modernise administrative processes while adhering to legal frameworks and due process.
BMC To Auction Four Mumbai Properties Online Raising Expected Revenue Of Rs 120 Crore
