The Railway Land Development Authority (RLDA) has narrowed down its selection to four developers from a pool of 16 interested parties bidding for the development of a prime 2.5-acre site in Mahalaxmi, South Mumbai. This project is estimated to hold a revenue potential nearing Rs 10,000 crore, according to sources familiar with the matter.
This tender saw significant participation from top developers, signaling a competitive bidding process for this government-owned parcel. The electronic bidding occurred on Tuesday.
From what we gather from The Economic Times, the shortlisted developers include Lodha Group, Sobha Ltd, Dineshchandra R Agrawal Infracon, and Millennia Realtors.
Developers such as Godrej Properties, L&T Realty, K Raheja Corp, Oberoi Realty, Aurum Real Estate Developers, Welspun Realty, Shree Naman Developers, and Safal Construction were not selected.
A senior property consultant mentioned, “RLDA’s Mahalaxmi land provides a unique chance to create large-scale premium real estate in one of the city’s most coveted locations. It is surprising that many prominent firms with significant financial and technical expertise did not make the cut.”
Some of the non-shortlisted developers are contemplating legal actions based on lenient bidding criteria and potential revenue loss to the government, according to insider information.
The RLDA confirmed that numerous bids were submitted on time this Tuesday, stating that a fully transparent, automated process is in place to avoid manual intervention. “Currently, we are assessing the technical bids opened on 11.11.2025, with the next phase involving the financial bids of those who qualified technically,” it mentioned in response to inquiries from RealtyDailyNews.
The developers who submitted bids have not responded to RealtyDailyNews’s email queries.
Participants in the bidding were expected to have completed either one project with a minimum built-up area of 24,566 sq meters or multiple projects totaling at least 61,415 sq meters over the last decade. Additionally, they needed to demonstrate a minimum average annual gross turnover of Rs 400 crore in the previous three financial years or a net worth of Rs 400 crore as of March 2025.
The plot, which overlooks the Mahalaxmi Racecourse, is situated in one of Mumbai’s most lucrative areas, with an anticipated development potential of nearly 850,000 sq ft. The redevelopment is structured around a revenue-sharing model expected to yield Rs 4,000-5,000 crore for the RLDA, depending on the final share allocated.
This RLDA project has attracted interest from developers in Mumbai and beyond due to its strategic location and potential for large-scale premium mixed-use development. The proximity to business hubs and scenic views of the Racecourse enhance its appeal for high-end residential and commercial projects.
Industry experts point out that the strong interest in this plot highlights a continuous demand among developers for prominent redevelopment projects in Mumbai’s core, particularly those associated with government agencies.
The RLDA, the statutory body governing commercial development of railway land, is actively monetizing its prime land assignments in key Indian cities.
The Mahalaxmi project is positioned to set a benchmark for future redevelopment tenders in Mumbai considering its location, scale, and revenue potential. Currently, bid evaluations are ongoing, and an announcement regarding the final award is anticipated after thorough technical and financial review.
