Adani Realty secures 24-acre Bandra Reclamation Redevelopment project

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Adani Realty has emerged as the preferred bidder for the redevelopment of a 24-acre prime land at Bandra Reclamation close to the Bandra-Worli Sea Link, beating L&T, the only other eligible bidder in the bid process.

Adani Realty gets 24-acre Bandra Reclamation Redevelopment(MINT_PRINT)
Adani Realty gets 24-acre Bandra Reclamation Redevelopment(MINT_PRINT)

Confirming this, Kailas Jadhav, Joint MD of the Maharashtra State Road Development Corporation, said, “Financial bids were opened yesterday, and the revenue share offered by Adani Realty was the highest at 22.7% compared to 18% offered by L&T, with Adani Group emerging as L1.” The final decision will be taken by the MSRDC Board next week.

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MSRDC had invited bids for the 24-acre land parcel facing the Mahim Bay and along the Sea Link approach road. This prime land has been allocated for both commercial and residential purposes in the DCPR 2034.

Several developers had participated in the pre-bid meeting, but the stringent eligibility criteria of a 15,000 crore net worth left only three in the race. Mayfair Housing was the third bidder. “Out of three bidders, one was disqualified, and between the two final bidders, the bidder who offered the highest percentage of revenue share to MSRDC was declared L1,” Jadhav said.

MSRDC aims to generate a minimum revenue of 8,000 crore from this process to fund infrastructure projects. In Phase 1, the winning bidder will take up 6-7 acres of land where MSRDC is located for development. The bidder has to relocate the MSRDC office and provide them with a fully furnished 50,000 sq ft office within a five-kilometer radius of its present office, according to the terms of the bid.

In November 2022, the Adani Group had also won the 23,000 crore Dharavi Redevelopment Project to redevelop Asia’s largest slum cluster with a bid of 5,069 crore.

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