Adani Realty outbids L&T to clinch Rs 30,000 crore Bandra Reclamation project
Adani Realty offered 23.15% revenue share to the state government body while Larsen & Toubro offered 18% share of the project's revenue.
- Feb 17, 2024,
- Updated Feb 17, 2024 9:49 AM IST
Adani Realty pipped Larsen & Toubro to emerge as the highest bidder for the redevelopment of the Maharashtra State Road Development Corporation's (MSRDC) 24-acre prime land at Bandra Reclamation close to the Bandra-Worli.
Adani Realty offered 23.15% revenue share to the state government body while Larsen & Toubro offered 18% share of the project's revenue.
The final decision will be taken by the MSRDC Board next week.
MSRDC invited bids for the prime land parcel facing Mahim Bay and along the sea link approach road, which has a casting yard and the MSRDC office. This plot is allocated for commercial as well as residential use in the Development Control and Promotion Regulations 2034 and valued at an estimated cost of ₹30,000 crore. The land parcel has a potential development area of 45 lakh square feet. Residential prices in Bandra Reclamation are pegged at around ₹83,000 per square feet.
As per the bid terms, Adani Realty will have to share higher of either Rs 8,000 crore or 23.15% gross revenue earned from the project with MSRDC.
The timeframe set for fulfilment of these conditions is 10 years from the handover of the land parcel to the developer.
Adani Realty pipped Larsen & Toubro to emerge as the highest bidder for the redevelopment of the Maharashtra State Road Development Corporation's (MSRDC) 24-acre prime land at Bandra Reclamation close to the Bandra-Worli.
Adani Realty offered 23.15% revenue share to the state government body while Larsen & Toubro offered 18% share of the project's revenue.
The final decision will be taken by the MSRDC Board next week.
MSRDC invited bids for the prime land parcel facing Mahim Bay and along the sea link approach road, which has a casting yard and the MSRDC office. This plot is allocated for commercial as well as residential use in the Development Control and Promotion Regulations 2034 and valued at an estimated cost of ₹30,000 crore. The land parcel has a potential development area of 45 lakh square feet. Residential prices in Bandra Reclamation are pegged at around ₹83,000 per square feet.
As per the bid terms, Adani Realty will have to share higher of either Rs 8,000 crore or 23.15% gross revenue earned from the project with MSRDC.
The timeframe set for fulfilment of these conditions is 10 years from the handover of the land parcel to the developer.