Adani Realty and L&T Realty lead the race for a 24-acre development in Mumbai's Bandra Reclamation, following a stringent tender process by Maharashtra State Road Development Corporation (MSRDC). Originally attracting interest from major players like Godrej Properties and Mahindra Lifespaces, strict eligibility standards narrowed submissions to three contenders: L&T Realty, Adani Realty, and Mayfair Housing. Positioned near the Bandra-Worli Sea Link toll booth, the project holds significant commercial value, estimated at over INR 30,000 crore, with plans for a 45 lakh sq. ft. mini-township and an INR 8,000 crore payment obligation to MSRDC over the next decade-plus. Supervised by JLL, the tender imposed strict criteria, triggering opposition from locals citing environmental concerns and past agreements, potentially leading to legal challenges from groups like BRAVO.
Adani Realty and L&T Realty have emerged as front runners for a mammoth 24-acre development at Bandra Reclamation in Mumbai City. The tender issued by Maharashtra State Road Development Corporation (MSRDC) initially evoked the intertest of several builders with notable names such as Godrej Properties, Mahindra Lifespaces, Lodha Group , Wellspun Sunteck Realty, Wadhwa Group, Phoenix Realty, Oberoi Realty, K Raheja Corp, JSW, Sahana Group, Runwal, and Sumitomo attending the pre-bid meeting. However, due to stringent eligibility standards, only three bids were submitted from L&T Realty, Adani Realty and Mayfair Housing respectively.
The proposed project, located near the Bandra-Worli Sea Link toll booth, carries immense commercial potential with a gross development value exceeding INR 30,000 crore. The tender includes creation of a mini-township spanning 45 lakh sq. ft., coupled with the obligation to pay INR 8,000 crore to MSRDC over the next nine to fourteen years.
The tender, supervised by global property consultant JLL issued strict criteria. Builders had to prove a minimum net worth of INR 15,000 crores along with agreeing to abide restrictions on the creation of consortiums and joint ventures. Despite concerns raised by developers including requests for relaxation, MSRDC was steadfast in its deciding criteria, eventually leading to only a handful qualifying bids.
Residents of Bandra Reclamation have opposed the project, citing environmental concerns and past agreements prohibiting development in the area. The Bandra Reclamation Area Volunteers' Organisation (BRAVO) has threatened legal action against MSRDC.
Advertisement
Facebook
Whatsapp
