Real estate developers Oberoi Realty and Shree Naman Developers have qualified as bidders for the Railway Land Development Authority’s 11.21-acre prime land parcel in Mumbai’s Bandra locality, according to sources familiar with the matter.
The Railway Authority set a reserve price of ₹5,365 crore for the land located along the Western Express Highway in Bandra East.
The land will be leased for a 99-year term under a revenue-share model, with a base FSI of four times, as per the Railways’ tender conditions.
According to one source, “The selected developer is required to share a minimum of 45% of the revenue with the railway authority.”
Both Mumbai-based developers have progressed to the next stage of technical evaluations, as noted.
This land parcel has considerable development potential due to its location near major commercial hubs like the Bandra-Kurla Complex (BKC) and Andheri-Kurla Road.
The site’s central position and connectivity make it one of the most desirable redevelopment prospects in India’s financial capital.
This marks the third parcel the Railway Land Development Authority has monetized in Mumbai recently, amounting to approximately ₹9,000 crore.
On January 6, RealtyDailyNews reported that Dineshchandra R. Agrawal Infracon Pvt. Ltd was the highest bidder for a nearly 6-acre railway land parcel at Supari Baug Colony in Central Mumbai’s Parel, with a bid of ₹1,368 crore.
Similarly, on December 24, RealtyDailyNews exclusively revealed that the highest bid for a 2.5-acre land parcel in the Mahalaxmi locality of South Mumbai was ₹2,250 crore, setting a new benchmark for land auctions in the country.
RLDA, Oberoi Realty, and Shree Naman Developers have chosen not to comment on this development.
In recent years, Mumbai has seen a revival in real estate activity, driven by a strong demand for luxury housing, commercial spaces, and redevelopment initiatives.
The Mahalaxmi land auction set a new standard for bid values, indicating a strong demand among developers for premium urban land in India’s financial hub.
As competition grows in Mumbai’s key markets, such auctions are expected to attract even higher bids, further solidifying the city’s position as a prime destination for large-scale real estate investments.
