New Delhi: Adani Realty has emerged as the preferred bidder for the redevelopment of a 24-acre prime land at Bandra Reclamation close to the Bandra-Worli Sea Link, beating L&T, the only other eligible bidder in the bid process.
Adani Realty offered a 23.15% revenue share to the state government body while Larsen & Toubro offered an 18% share of the project’s revenue. The final decision will be taken by the MSRDC Board next week.
The decision comes despite L&T having a stronger net worth of approximately Rs 84,000 crore compared to Adani’s Rs 48,000 crore, Adani’s higher bid secured the preference.
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 is valued at an estimated cost of Rs. 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 Rs 83,000 per square foot.
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 the fulfilment of these conditions is 10 years from the handover of the land parcel to the developer.
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