The 24.2-acre prime plot at Bandra Reclamation, which the Maharashtra State Road Development Corporation (MSRDC) is set to hand over to Adani Realty for redevelopment, has been protected for decades by the fierce civic activism of the area’s residents
Adani Realty has emerged as the highest bidder for the redevelopment of a 24-acre plot in Mumbai, beating Larsen & Toubro. Adani offered a revenue share of 22.7%, compared to L&T's 18%. The final decision will be made by the Maharashtra State Road Development Corporation (MSRDC) board next week. The land parcel has a potential development area of 45 lakh square feet and is valued at around INR30,000 crore ($4.1bn). Adani won a mandate in November 2022 to redevelop Dharavi, Asia's largest slum cluster, with a bid of INR5,069 crore.
The hopes of Bandra Reclamation residents for a park have been dashed by a tender for the development of a commercial and residential space on the land. The tender lacks details, but includes the formation of a Special Purpose Vehicle to create a master plan, which will include a 50,000 sq ft corporate office for the MSRDC. The completion date is projected to be 10 years from when the plot is handed over on a 60-year lease. Environmental clearances state that no commercial or residential activity should be allowed on the reclaimed land.