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Adani Realty and L&T Realty lead the race for MSRDC’s Bandra Reclamation project

Adani Realty and L&T Realty have emerged as front runners for a mammoth 24-acre development at Bandra Reclamation in Mumbai City. The tender issued by Maharashtra State Road Development Corporation (MSRDC) initially evoked the intertest of several builders with notable names such as Godrej Properties, Mahindra Lifespaces, Lodha Group , Wellspun Sunteck Realty, Wadhwa Group, Phoenix Realty, Oberoi Realty, K Raheja Corp, JSW, Sahana Group, Runwal, and Sumitomo attending the pre-bid meeting. However, due to stringent eligibility standards, only three bids were submitted from L&T Realty, Adani Realty and Mayfair Housing respectively.

The proposed project, located near the Bandra-Worli Sea Link toll booth, carries immense commercial potential with a gross development value exceeding INR 30,000 crore. The tender includes creation of a mini-township spanning 45 lakh sq. ft., coupled with the obligation to pay INR 8,000 crore to MSRDC over the next nine to fourteen years.

The tender, supervised by global property consultant JLL issued strict criteria. Builders had to prove a minimum net worth of INR 15,000 crores along with agreeing to abide restrictions on the creation of consortiums and joint ventures. Despite concerns raised by developers including requests for relaxation, MSRDC was steadfast in its deciding criteria, eventually leading to only a handful qualifying bids.

Residents of Bandra Reclamation have opposed the project, citing environmental concerns and past agreements prohibiting development in the area. The Bandra Reclamation Area Volunteers' Organisation (BRAVO) has threatened legal action against MSRDC.

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