While the BMC has decided to abandon its plan to auction the plot at Malabar Hill, it has opted to move forward with the auction of the asphalt plant in Worli. The civic body has retendered the proposal for auctioning the Worli plot to a private party, continuing its efforts to generate revenue. However, the auction of another prime property, the Chhatrapati Shivaji Market plot at CST, has been put on hold. This delay comes after the state government directed the BMC to submit a detailed report on the plot before any further action can be taken.

In a pre-bid meeting held in November 2024, several prominent realty firms, including Larsen & Toubro, Godrej Properties, Welspun World, HN Safal, Runwal Developers, and DB Realty, showed interest in bidding for the plots. However, on the final day to submit bids for the three plots, no company came forward. Due to strong opposition from Malabar Hill residents, the auction of a 2,432-square-metre plot, which houses a Brihanmumbai Electricity Supply and Transport (BEST) receiving station, to a private party was abandoned in December last year. Despite this, the auction for the remaining two plots is still being considered.

Last week, the civic body invited tenders for the auction of the plot at the asphalt plant in Worli. Bidding will open on January 16, with the final date for submission set for February 18, and the bids will be opened on February 28. "During the last bidding, the main concern raised by interested companies was that these are reserved plots. We will address the queries of prospective bidders," said a civic official. For the first time, the BMC plans to auction its properties on a 30-year lease, with an option for a 30-year renewal. The sale of these plots is expected to generate revenue to fund various infrastructural projects undertaken by the civic body.