Mumbai’s Skyline Set for a Makeover: Adani Realty outbids L&T for the prestigious Bandra Reclamation project, promising a $4 billion facelift to the city’s iconic landscape.
Imagine strolling along the Bandra-Worli Sea Link, but instead of a casting yard and government offices, you’re greeted by a vibrant mix of luxury apartments, glittering skyscrapers, and bustling commercial spaces.
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This vision is inching closer to reality, thanks to Adani Realty’s winning bid for the redevelopment of a prime 24-acre plot at Bandra Reclamation.
Bidding Wars Heat Up
The competition was fierce, with Larsen & Toubro (L&T) throwing their hat in the ring. However, Adani Realty emerged victorious, offering a higher revenue share of 23.15% to the Maharashtra State Road Development Corporation (MSRDC) compared to L&T’s 18%.
The bidding was based on a revenue-sharing model, with the highest bidder winning. During bidding, L&T showed a net worth of approximately Rs 84,000 crore while Adani’s net worth was Rs 48,000 crore.
Project’s Potential
This coveted land parcel boasts a massive 45 lakh square feet of development area, offering endless possibilities. Picture upscale residential towers with breathtaking sea views, state-of-the-art commercial complexes buzzing with activity, and public spaces designed for leisure and recreation.
With residential prices in Bandra Reclamation hovering around a staggering ₹83,000 per square foot, the project’s potential value could easily touch the $4 billion mark.
Sharing the Pie
As per the bid terms, Adani Realty will share the higher of either $1.1 billion or 23.15% of the gross revenue generated from the project with MSRDC. This revenue-sharing model ensures both parties have a vested interest in the project’s success, fostering a collaborative approach.
Earlier reports indicated none of Mumbai’s top builders bid on the 24-acre property, valued at over Rs 30,000 crore, because the tender conditions were too strict. For example, bidders had to be a single entity with a minimum consolidated net worth of Rs 15,000 crore as of March 31, 2023, not a consortium or joint venture.
Future Beckons
Adani Realty has a 10-year window to fulfill the project’s ambitious goals. Imagine the skyline of Mumbai a decade from now, with this iconic location transformed into a dazzling landmark. The project promises to create jobs, boost the local economy, and redefine the city’s architectural landscape.
Officials said the winning bid for a real estate project will be formally approved next week by the Maharashtra State Road Development Corporation (MSRDC).
