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The Railway Land Development Authority (RLDA) has shortlisted four of the 16 developers who bid for the development of a 2.5-acre prime land in south Mumbai’s lush Mahalaxmi area, a project with an estimated revenue potential of around Rs 10,000 crore, people with direct knowledge of the matter said.The tender has attracted the participation of top developers, making it the most competitive bidding for a government-owned plot of land. The e-bidding took place on Tuesday.
According to information reviewed by The Economic Timesthe Lodha Group, Sobha Ltd, Dineshchandra R Agrawal Infracon and Millennia Realtors have advanced to the next round.
The bidders who were not shortlisted include Godrej Properties, L&T Realty, K Raheja Corp, Oberoi Realty, Aurum Real Estate Developers, Welspun Realty, Shree Naman Developers and Safal Construction.
“RLDA’s Mahalaxmi land offers a rare opportunity to build large-scale premium real estate in one of the city’s most starved and aspirational locations. Surprisingly, the bigger names with financial and technical capabilities have not made it to the shortlist,” said a senior real estate consultant monitoring the development.
Some of the developers not selected for the next round are exploring legal options, highlighting lenient bidding criteria and a potential loss to the exchequer, people with knowledge of the matter said.
According to the RLDA, many bidders submitted their bids within the stipulated time on Tuesday and a fully transparent and automated process is being followed, leaving no room for manual intervention. “Currently, the evaluation of the technical bids opened on 11.11.2025 is underway, and the next phase will involve the opening of financial bids from technically qualified bidders,” it said in a response to ET’s queries.
The developers who bid on the project did not respond AND‘s emailed questions.
Among the key criteria, the bidder is expected to have completed either one real estate project with a minimum built-up area of 24,566 square meters or multiple projects with a cumulative built-up area of at least 61,415 square meters in the last ten years.
The bidder must also have a minimum average annual gross turnover of Rs 400 crore during the previous three financial years, or a minimum net worth of Rs 400 crore as of March 2025.
The plot overlooking the Mahalaxmi Racecourse is located in one of Mumbai’s most valuable neighborhoods and has an estimated development potential of almost 850,000 square meters. The redevelopment is structured on a revenue-sharing model that is expected to earn the RLDA Rs 4,000-5,000 crore, depending on the final equity ratio.
The RLDA project has attracted interest from developers in Mumbai and elsewhere due to the site’s strategic location and large-scale potential for high-quality mixed-use development. The land’s proximity to business districts and panoramic racecourse views make it particularly attractive for high-quality residential and commercial redevelopment.
Industry watchers said the high interest in this plot underlines developers’ continued interest in large-scale redevelopment projects in Mumbai’s core areas, especially those backed by the government.
The RLDA, the statutory authority responsible for commercial development of railway land, has been actively monetizing its prime plots in major Indian cities.
The Mahalaxmi project is expected to be a benchmark for future redevelopment tenders in Mumbai given its location, scale and potential revenue yield. The evaluation of the bids is currently underway and the final award is expected to be announced after detailed technical and financial assessments.
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