Oberoi Realty, Shree Naman Vie for Rs 5,365 Cr Mumbai Railway Land

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AuthorAarav Shah|Published at:
Oberoi Realty, Shree Naman Vie for Rs 5,365 Cr Mumbai Railway Land
Overview

Oberoi Realty and Shree Naman Developers are the leading eligible bidders for an 11.21-acre prime railway land parcel in Mumbai's Bandra East. The Railway Land Development Authority has set a reserve price of Rs 5,365 crore for the 99-year lease development, which mandates a minimum 45% revenue share. The plot's proximity to commercial hubs like BKC makes it highly sought after.

Prime Mumbai Land Parcel Attracts Top Developers

Oberoi Realty and Shree Naman Developers have emerged as the frontrunners in the race for an expansive 11.21-acre railway land parcel situated in Mumbai's strategically important Bandra East locality. The Railway Land Development Authority (RLDA) is auctioning the prime plot, which holds significant development potential due to its proximity to major business districts.

Lucrative Terms for Development Deal

The RLDA has pegged a reserve price of Rs 5,365 crore for the land, to be leased for a period of 99 years. Under the tender conditions, developers are required to share a minimum of 45% of the project's revenue with the railway authority. The base FSI allows for construction up to four times the land area, presenting a substantial development opportunity.

RLDA's Monetization Strategy Continues

This Bandra land parcel is the third significant asset RLDA has put up for monetization in Mumbai within weeks, collectively valued at approximately Rs 9,000 crore. These auctions underscore a robust developer appetite for premium urban land in India's financial capital, following record bids for parcels in Parel and Mahalaxmi earlier this year.

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