BMC leases space in Mumbai for Rs 248 crore
Brihanmumbai Municipal Corporation (BMC) has leased 186 acres of space from DB Realty worth Rs 248 crore. The space is leased for 3 years and can be extended up to 5 years. The BMC is constructing the coastal road project requiring land for casting yards and allied works.
As per the statement land measuring 186.52 acres (7,54,859.64 sq. mtrs) shall be temporarily handed over to the BMC on a Leave and License for three years (can be further extended by two years) at a license fee of approximately Rs. 248 crore average per annum over 5 years.
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