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Real estate developers Oberoi Realty and Shree Naman Developers have emerged as the eligible bidders for the over 11.21-acre parcel of land owned by the Railway Land Development Authority in Mumbai’s Bandra area, said persons with direct knowledge of the development.The railway company had fixed a reserve price of Rs 5,365 crore for the plot located along the Western Express Highway in Bandra East.
As per the Railways tender conditions, the plot will be allotted on a long-term lease of 99 years for development on a revenue sharing model with a base FSI of four times.
“The selected developer is expected to share at least 45% revenue with the government entity,” said one of the persons cited above.
Both Mumbai-based developers have emerged as eligible participants for the next phase of the technical evaluation, he added.
The plot has significant development value due to its proximity to major commercial corridors such as Bandra-Kurla Complex (BKC) and Andheri-Kurla Road.
The site’s connectivity and centrality make it one of the most sought-after redevelopment opportunities in the country’s financial capital.
This is the third parcel of land monetized by the Railway Land Development Authority in Mumbai in recent weeks, totaling around Rs 9,000 crore.
On January 6, ET broke the story that Dineshchandra R. Agrawal Infracon Pvt. Ltd emerged as the highest bidder for a nearly 15-acre railway plot in Supari Baug Colony in Parel in central Mumbai with a bid of Rs 1,368 crore.
On December 24, ET also exclusively reported that the railway had received the highest bid of Rs 2,250 crore for its 2.5-acre plot in south Mumbai’s Mahalaxmi locality, setting a new benchmark for land auctions in the country.
RLDA, Oberoi Real Estate and Shree Naman Developers declined to comment for the story.
In recent years, the city has witnessed a resurgence in real estate activity, driven by demand for luxury homes, commercial spaces and redevelopment projects.
The Mahalaxmi land auction not only set a new benchmark in terms of bidding values, but also indicates that developers are showing strong interest in premium urban land in India’s financial capital.
As competition intensifies in Mumbai’s core markets, such auctions are likely to attract even higher bids in the future, cementing the city’s status as a hotspot for large-scale real estate investment.
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