India, Oct. 20 -- After a gap of over 15 years, the Mumbai Metropolitan Region Development Authority (MMRDA) is preparing to auction a prime plot of land near the Wadala Truck Terminal, with a reserve price pegged at a staggering Rs.1,629 crore.

The 10,860 sq m plot, part of the Wadala Notified Area, will be leased to private developers for 80 years. With a permissible Floor Space Index (FSI) of 10, the developer will be allowed to construct up to 1,08,600 sq m of built-up area. The reserve rate has been nearly finalised at Rs.1.5 lakh per sq m-signalling MMRDA's expectations of a strong response from the market.

"We plan to float the bid sometime next month," confirmed Sanjay Mukherjee, Metropolitan Commissioner, MMRDA.

According to M...