The Railway Land Development Authority (RLDA) has received a bid of Rs 1,368 crore for redeveloping the Supari Baug colony, a nearly six-acre land parcel located in central Mumbai’s Parel area, according to sources familiar with the matter.
Dineshchandra R Agrawal Infracon is the sole bidder for this land, which will be redeveloped under a revenue share model through a long-term lease. The reserve price for the plot, which will be granted via a 99-year lease, was set at Rs 1,343 crore.
The Supari Baug tender initially garnered interest due to its size and prime location in Parel, a central Mumbai micro-market that has undergone extensive change over the past 20 years, propelled by mill land redevelopment and improved connectivity. However, the initial terms of the tender were amended after its initial release. “Initially, RLDA set a reserve price of Rs 1,734 crore, but later adjusted it by removing Rs 390 crore from the total project cost, which was specifically designated for rehabilitating the existing railway colony at the site,” noted one insider.
After this adjustment, the effective reserve price for the redevelopment aspect has been reset to Rs 1,343 crore.
Industry experts are watching closely to see whether the RLDA will accept this single bid or re-tender the project to enhance its monetization efforts. Recently, Dineshchandra R Agrawal Infracon also emerged as the highest bidder for a prime 2.5-acre land parcel in Mahalaxmi, south Mumbai, with a bid of Rs 2,250 crore.
According to sources, the bids have been opened and will now undergo evaluation for technical and financial viability in accordance with RLDA’s standard procedures. The final allocation will depend on due diligence and necessary regulatory approvals.
RealtyDailyNews’s inquiries to RLDA and Dineshchandra R Agrawal Infracon remained unanswered at the time of publication.
Under the redevelopment conditions, the prime land parcel, accessible via Dr. Babasaheb Ambedkar Road, will have a base floor space index (FSI) of 4.05 times. The Supari Baug site presents considerable redevelopment potential, given its strategic location, proximity to major business districts, and access to rail and road infrastructure. Once completed, the project is anticipated to enhance Parel’s skyline, which is increasingly attracting high-end residential, commercial, and mixed-use developments.
