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Adani Realty emerges as highest bidder for Bandra Reclamation redevelopment project

Monday, 19 Feb 2024
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Adani Realty, Adani Group's real estate development company has emerged as the highest bidder for the redevelopment of MSRDC's 24-acre prime land at Bandra Reclamation close to the Bandra-Worli Sea Link in Mumbai, Maharashtra.

Surpassing Larsen & Toubro (L&T), the only other eligible bidder in the bid process, Adani Realty was the highest bidder with 23.15 percent revenue share offered to the state government body. The final decision will be taken by the MSRDC Board next week.

As per the bid terms, Adani Realty will have to share higher of either Rs 8,000 crore or 23.15 percent gross revenue earned from the project. Along with this, the developer will also have to provide a furnished 50,000 sq. ft. office space to MSRDC. The timeframe is 10 years from the handover of the land parcel. During these 10 years, the developer will pay Rs two crore per month to MSRDC.

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

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