MUMBAI, 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) expressed interest but did not participate. According to a civic official from the BMC's estate department, the civic body followed all procedural norms, including public advertisements and a tender invitation process, before finalising the auction. "Aava Developers LLP has acquired the Paltan Road plot near Crawford Market for Rs.369 crore while Indivara Developers secured the Worli Asphalt Plant land for Rs.879 crore," the official told HT. The Crawford Market plot had previously drawn interest from CR, which initially offered Rs.428 crore. However, the deal fell through due to a lack of clarity on payment terms. "They never confirmed the payment so we held off," said the civic official. "Eventually, we sold it to Aava Developers, which made the highest bid of Rs.369 crore." In the case of the Worli Asphalt Plant plot, the RBI had expressed interest but applied too late to be considered. "RBI didn't participate in the bidding process. Delaying the tender opening would have resulted in potential market value loss," the official added. The road to the auction, however, was paved with setbacks. A third plot in Malabar Hill, initially planned for auction, was withdrawn early on after objections from the Brihanmumbai Electric Supply and Transport (BEST) undertaking. The land had high-tension power lines running through it, rendering it unsuitable for private development....