Mumbai: Shree Naman Developers Pvt. Ltd. and Oberoi Realty Ltd. have emerged as the only eligible bidders for the high-value Bandra East railway land parcel being leased for commercial development by the Railway Land Development Authority (RLDA), according to sources the real estate industry sources.
The Free Press Journal had earlier reported that bids for the plot were opened on January 8. While as many as eight developers had submitted applications, only two were found to meet the eligibility criteria, sources said.
The RLDA has put on offer a grant of lease for commercial development of around 45,371 square metres of railway land at Bandra East, adjoining the Western Express Highway, for a period of 99 years. Owing to its strategic location and development potential, the parcel has drawn significant interest from leading real estate players.
Both Shree Naman Developers and Oberoi Realty have now qualified for the next stage of technical evaluation. A real estate developer from one of the bidding companies said the site’s connectivity and market potential were key factors behind their participation in the auction.
The Bandra East plot carries a reserve price of Rs 5,365 crore and is expected to rank among the costliest real estate transactions in Mumbai if the deal goes through.
The Bandra East parcel is part of three railway land plots offered by the RLDA for lease. Of the remaining two, the parcels located at Supari Baug Colony in Parel and at Mahalaxmi have already been bid for by M/s Dineshchandra R. Agrawal Infracon Pvt. Ltd.
RLDA aims to generate non-fare revenue for Indian Railways while encouraging private-sector participation in urban redevelopment. The leasing model has been positioned as a means to unlock the value of prime railway land, support infrastructure funding and facilitate planned commercial development in major cities.
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