Adani Wins Big: Bags Prestigious Bandra Reclamation Project

Adani Realty, a prominent real estate development company under the Adani Group, has emerged as the leading bidder for the redevelopment of MSRDC's 24-acre prime land at Bandra Reclamation, situated near the Bandra-Worli Sea Link in Mumbai, Maharashtra.

Exceeding the bid of Larsen & Toubro (L&T), the sole other eligible contender, Adani Realty secured the highest bid with a proposed revenue share of 23.15 percent to be offered to the state government body. The MSRDC Board is slated to make the final decision on the matter next week.

According to the bid conditions, Adani Realty will be obliged to share the higher of either Rs 8,000 crore or 23.15 percent of the gross revenue generated from the project with the state government. Additionally, the developer will be required to provide a furnished office space spanning 50,000 sq. ft. to MSRDC. The stipulated timeframe for the project is set at 10 years from the handover of the land parcel. During this period, the developer will remit Rs two crore per month to MSRDC.

MSRDC initiated the bidding process for the 24-acre land parcel, situated facing the Mahim Bay and along the Sea-Link approach road. This land has been designated for both commercial and residential purposes in the Development Control and Promotion Regulations (DCPR) of 2034.

News by Rahul Yelligetti