Mumbai: The Railway Land Development Authority (RLDA) has received its wa highest-ever bid of Rs 2,250 crore for a 2.,67 acre railway land parcel at Mahalaxmi in south Mumbai, setting a new benchmark for long-term lease auctions in Mumbai s real estate sector.
Land Details and Auction Model
The land parcel, measuring approximately 10,801 square metres, was offered on a revenue-share model with a lease period of 99 years. The reserve price for the plot was fixed at Rs 993.30 crore. The site carries a permissible floor space index (FSI) of 4.05.
The auction drew participation from several major real estate developers, highlighting sustained interest in strategically located urban land. Dineshchandra R Agrawal Infracon Pvt Ltd, emerged as the highest bidder with an offer of Rs 2,250 crore. Sobha Realty quoted Rs 1,232 crore, while the Lodha Group submitted a bid of Rs 1,161 crore. While the bids have been opened, the final selection of the developer will be made only after a detailed evaluation of the technical and financial feasibility of the proposal.
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Located along the railway line near Mahalaxmi railway station, the land parcel enjoys connectivity through Dr. E Moses Road and Shakti Mill Lane. It is also close to the Science Centre Metro Station and has access to key commercial and business districts in south and central Mumbai.
Experts Cite Strong Demand for Premium Urban Parcels
Real estate experts said the bidding response reflects developers’ focus on premium land parcels with long-term development potential.
“This transaction underlines the willingness of developers to commit capital for well-located railway land with clear development norms and long lease tenure,” said a senior real estate consultant.
Another industry analyst said the wide gap between the reserve price and the highest bid indicates strong confidence in Mumbai’s prime micro-markets.
“Mahalaxmi has limited land availability and strong connectivity. Projects here are viable for both residential and mixed-use development, which explains the aggressive bidding,” the analyst said.
Officials said the auction outcome reinforces the RLDA’s strategy of monetising railway land assets through transparent bidding and long-term leases, while maximising value from prime urban locations.
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