17 February 2024 – In a competitive bidding process, Adani Realty has secured the redevelopment rights for the Maharashtra State Road Development Corporation‘s (MSRDC) 24-acre prime land at Bandra Reclamation, surpassing rival bidder Larsen & Toubro. Adani Realty’s offer of a 23.15% revenue share to MSRDC outshone L&T’s bid, which proposed an 18% share of the project’s revenue.
Adani Realty’s successful bid for the Bandra Reclamation project, situated close to the Bandra-Worli sea link, marks a significant development in the real estate landscape. The prime land parcel, facing Mahim Bay, has immense commercial and residential potential, valued at an estimated cost of ₹30,000 crore.
About Adani Realty:
Adani Realty, a key player in the real estate sector, has demonstrated its prowess in securing strategic projects. Founded as a subsidiary of the Adani Group, the realty arm is known for its commitment to quality and innovation in urban development.
Bidding Details:
Adani Realty’s winning bid, offering a 23.15% revenue share, aligns with the terms set by MSRDC. In comparison, Larsen & Toubro proposed an 18% share of the project’s revenue. The final decision rests with the MSRDC Board, with the announcement expected next week.
The Bandra Reclamation project holds immense promise with a potential development area of 45 lakh square feet. Residential prices in this sought-after location are estimated at ₹83,000 per square foot. Adani Realty’s successful bid not only secures a lucrative venture but also underlines the competitive landscape in high-value real estate projects.
Conclusion:
Adani Realty’s triumph in clinching the Bandra Reclamation project reflects its strategic vision and commitment to transformative urban development. As the final decision awaits MSRDC Board approval, this victory positions Adani Realty as a formidable player in shaping the future of Mumbai’s real estate sector. The project’s successful execution could have far-reaching impacts on the city’s skyline and real estate dynamics.
