Adani Realty, the real estate arm of Adani Group, has emerged as the preferred bidder for the redevelopment of the Bandra Reclamation land parcel in Mumbai, one of the most coveted and expensive properties in the country. The company has offered 22.79% revenue share to the Maharashtra State Road Development Corporation (MSRDC), which owns the 24-acre plot, surpassing the bid of Larsen and Toubro, which offered 18% revenue share.
Project details
The Bandra Reclamation project is estimated to be worth ₹30,000 crore, with a potential development area of 45 lakh square feet. The plot is located along the sea link approach road and faces the Mahim Bay. It is allocated for commercial as well as residential use in the Development Control and Promotion Regulations 2034. The project will also involve the relocation of the existing MSRDC office and casting yard.
Bid terms and approval
According to the bid terms, Adani Realty will have to share higher of either ₹8,000 crore or 22.79% gross revenue earned from the project with MSRDC. The timeframe set for fulfilment of these conditions is 10 years from the handover of the land parcel to the developer. The final approval for the project is pending from the MSRDC Board, which is expected to meet next week.
Adani Realty presence in Mumbai
Adani Realty has been expanding its presence in Mumbai’s real estate market, with projects such as Inspire BKC, Western Heights, Andheri and Monte South, Byculla. The company has also acquired two land parcels in Thane and Navi Mumbai for ₹900 crore and ₹1,000 crore respectively. The Bandra Reclamation project will further boost its portfolio and brand value in the city.
Location benefits
The project will also benefit from its proximity to the Bandra-Worli Sea Link, which connects south Mumbai with the western suburbs. The sea link is expected to be extended to Versova by 2025, reducing travel time and congestion. The residential prices in Bandra Reclamation are pegged at around ₹83,000 per square feet, making it one of the most premium locations in Mumbai.
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