Adani Realty Emerges as Top Bidder for 24-acre Bandra Reclamation Redevelopment Project
Adani Realty Emerges as Top Bidder for 24-acre Bandra Reclamation Redevelopment Project
Adani Realty has secured the position of the ‘preferred bidder’ for the redevelopment of the 24-acre Bandra Reclamation land parcel in Mumbai, outbidding Larsen and Toubro (L&T). The Maharashtra State Road Transport Corporation (MSRDC) initiated the bidding process, with Adani Realty offering the highest financial bid, providing 22.79 percent revenue to MSRDC, surpassing L&T’s bid of 18 percent.
Despite L&T having a stronger net worth of approximately ₹84,000 crore compared to Adani’s ₹48,000 crore, Adani’s higher bid secured preference, pending final approval by the MSRDC Board in their upcoming meeting.
The Bandra Reclamation land parcel has a potential development area of 45 lakh square feet and is valued at around ₹30,000 crore. Adani Realty’s proposal includes bringing funds, handling clearances and permissions, and paying a minimum of ₹8,000 crore to MSRDC as a benchmark amount. The revenue-sharing model stipulates a 22.79 percent share for MSRDC.
MSRDC Vice Chairman and MD, Anil Kumar Gaikwad, emphasized the transparent and open bidding process, refuting allegations of favoritism. The decision, based on a revenue-sharing model, aligns with the government’s interest in maximizing revenue for infrastructure projects.
If approved, Adani Realty will play a pivotal role in the redevelopment project, contributing to the city’s urban development and infrastructure enhancement.
