Adani Realty gets MSRDC’s 24-acre Bandra Reclamation redevelopment project

The Adani Group’s real estate development company Adani Realty has emerged 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 Sea Link, surpassing Larsen & Toubro, the only other eligible bidder in the bid process.

Adani Realty has emerged as the highest bidder with 23.15% revenue share offered by the company to the state government body. Larsen & Toubro was the second highest bidder that with its offer of 18% share of the project’s revenue. The final decision will be taken by the MSRDC Board next week.

“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. Along with this, the developer will also have to provide a furnished 50,000 sq ft office space to MSRDC,” Kailas Jadhav, joint MD of MSRDC, told ET.

The timeframe set for fulfilment of these conditions is 10 years from the handover of the land parcel to the developer. During these 10 years, the developer will be paying Rs 2 crore per month to MSRDC, he added.

MSRDC had invited bids for the 24-acre land parcel facing the Mahim Bay and along the Sea Link approach road. This prime land has been allocated for both commercial and residential purposes in the DCPR 2034.

Adani Realty declined to comment for the story.Several developers had participated in the pre-bid meeting. However, the stringent eligibility criteria of a Rs 15,000-crore net worth left only three in the race. Mayfair Housing was the third bidder. In November 2022, the Adani Group had also won the Rs 23,000 crore Dharavi Redevelopment Project to redevelop Asia’s largest slum cluster spread over 600 acres in the heart of India’s commercial capital Mumbai with a bid of Rs 5,069 crore.

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