India, June 25 -- In a move to boost revenue generation, the BMC successfully auctioned two of its high-value land parcels, fetching it Rs.1,248 crore. The Worli Asphalt Plant plot was auctioned for Rs.879 crore, while the plot near Crawford Market on Paltan Road secured a bid of Rs.369 crore.

This marks the first instance of the civic body directly auctioning its own land, signalling a strategic move towards monetising real estate assets for long-term revenue generation, specifically for infrastructure works across Mumbai, rather than relying solely on traditional funding sources.

The auction process, which concluded on June 14, comes after an eight-month delay during which the Reserve Bank of India (RBI) and Central Railways (CR) expr...