The Maharashtra government has extended the lease of Mumbai's iconic Wankhede Stadium for 30 years, following its expiration in 2018, valuing the 44,000 square meter plot at approximately INR 1,304 crore. The Mumbai Cricket Association (MCA) is mandated to pay an annual rent of INR 1.52 crore, plus an additional INR 8.58 crore covering the period from 2018 to 2023, a decision contested by the MCA due to what they perceive as excessive charges. Despite objections, the stadium remains a pivotal hub for cricket administration in India, with its history dating back to 1968 and hosting numerous prestigious events over the years.
The Maharashtra government has recently decided to extend the lease of the historic Wankhede Stadium for a period of 30 years, following its expiration in 2018. The value of the 44,000 square meter plot is estimated to be around INR 1,304 crore.
As per the government's directive, the Mumbai Cricket Association (MCA) is required to pay an annual rent of INR 1.52 crore, along with an additional sum of INR 8.58 crore covering the period from 2018 to 2023. However, the MCA has raised objections regarding what they perceive as excessive charges by the government. They argue that the ground falls under the categories of recreation ground (RG) and playing ground (PG), with limited development potential due to its classification under Coastal Regulation Zone II rules.
Despite being one of the wealthiest cricket associations in India, the MCA already pays an annual rent of INR 9.33 crore to the Mumbai Metropolitan Region Development Authority (MMRDA) for a recreation centre at Bandra-Kurla Complex (BKC).
The Wankhede Stadium serves as the headquarters for the MCA, the Board of Control for Cricket in India (BCCI), and the Indian Premier League (IPL), making it a vital hub for cricket administration in the country. In 2018, then MCA president Ashish Shelar requested a 50-year lease extension from then Chief Minister Devendra Fadnavis, with the government subsequently initiating the renewal process in June 2017.
The calculation of the rent is based on the gymkhana lease policy introduced in June 2017, which categorizes gymkhanas with land exceeding 20,000 square meters as 'A' category and mandates them to pay 1 percent of the base price as rent.
The policy also stipulates a four percent annual increase in rent, with a reassessment of property value every five years. Notably, the assessed value of the stadium plot was halved to INR 714 crore in 2023 compared to its 2017 valuation. The MCA contested the revised rent for 2023, arguing that the plot's development potential is limited due to various restrictions, including CRZ II regulations. They also pointed out the revision of the ready reckoner rate by the Inspector-General of Registration department from April 1, 2022, urging the Mumbai collector to reconsider the decision. The matter is currently under review by the state revenue department.
The history of the Wankhede Stadium dates back to 1968 when the state government leased the land to the MCA for the Lloyds Recreation Ground for 50 years. Subsequently, in 1973, the MCA was granted permission to construct a stadium and other facilities on the site, leading to the inauguration of the Wankhede Stadium in 1974. Over the years, it has hosted numerous prestigious cricket events, including four Cricket World Cups and the first cricket Test match in January 1975.
Advertisement
Facebook
Whatsapp
