Mumbai Metropolitan Region Development Authority plans to sell office space in an emerging business district at a minimum price of 4.35bn rupees ($94 million) in a deal that may test demand for property amid an economic recovery.

MMRDA proposes to sell 14,500 sq m (157,900 sq ft) of built-up area on 3,162.5 sq m of land in Bandra-Kurla, where Citigroup and the nation’s capital markets regulator are located. The reserve price is 300,000 rupees ($6,500) per sq m, the authority said in an advertisement, unchanged from the last such offer in 2008.