Mumbai’s civic authority has issued a letter of acceptance to AAV Developers LLP for a prime plot in Crawford Market, accepting a ₹369 crore bid about 13 percent lower than the advertised ₹428 crore reserve price for a 30‑year lease of the 8,116 sqm property near Chhatrapati Shivaji Maharaj Market. The plot, leased with provisions for renewal, must allocate space for staircases, lifts, and escalators to support a proposed foot‑over bridge being planned by the Rail Land Development Authority.
Under the lease terms, AAV and RLDA will pay pro rata amounts for their respective structural and access‑related space; RLDA must fund its own FOB landing area despite earlier official guidance exempting it from land charges. The BMC maintained exempting land use would conflict with municipal regulations. This transaction follows BMC’s October 2024 decision to auction three Island City land parcels, including the Crawford Market site, aiming to generate funds to address its ongoing infrastructure liabilities, which now exceed ₹2 lakh crore. Among them is the historic fish market and municipal offices designated for disaster management, whose future roles have become contentious.
Critics note that some reserved uses for public facilities may have been overlooked. One legal expert highlighted that such land allocations require due process and public hearings, and cannot be abolished unilaterally. Activists added the plot should continue to support fishermen’s livelihoods and provide public parking nearby, asserting the auction process may have been influenced by official pressure. In its defence, the BMC cited limited interest—with just two bids received, including ₹330 crore bid from Saroj Landmark Realty—alongside external constraints such as reserved spaces and the need to relocate the fish market, factors which may have dampened commercial interest. Until now, those conditions have hindered open market utilisation of the land.
An official noted that while BMC could have sought fresh bids or cancelled the auction, they proceeded to award the plot based on the highest bid available, given the low turnout and structural reservations still to be addressed by state authorities. As the deal moves forward, BMC and RLDA must formalise agreements and navigate ongoing land‑use reservations. The fate of the fish market, municipal disaster‑management facilities, and public access continues to attract scrutiny from legal and civic quarters.
The transaction illustrates the tension between revenue‑driven land lease decisions and the imperative to protect public services and community infrastructure. With Dravid Market poised for transit‑oriented development, local advocates emphasise that its cultural and livelihood functions must be preserved alongside commercial redevelopment.
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