Mumbai Real Estate: Record-Breaking Bid for Mahalaxmi Plot
A prime 2.5-acre land parcel in South Mumbai’s Mahalaxmi locality has drawn a record-breaking bid of ₹2,251 crore for a 99-year-long lease by the Railway Land Development Authority (RLDA). According to real estate experts, this is the highest price ever offered for a 2.6-acre plot in the Mumbai real estate market, marking a significant trend-setting move.
The RLDA plans to commercially exploit this land space. The size of the uneven hexagonal plot is 10,801.70 square metres, or approximately 2.669 acres (1.08 hectares). The reserve price of leasing the plot was nearly ₹1,000 crore; however, the RLDA has received a bid of ₹2,251 crore from Dineshchandra R Agrawal Infracon, who has emerged as the top bidder. Other companies that had submitted bids included Sobha Realty, Lodha Group, and RMZ Group, among several others.
According to an RLDA official, the highest bidder will receive a letter of acceptance within the next 10 days, and subsequently, the plans of the winning bidder will be approved for the potential development. The RLDA announced the bid on September 8, stating that the plot has a potential Floor Space Index (FSI) of 4.0 and plans to raise nearly ₹1,000 crore by leasing it for a 99-year term.
The Indian Railways, through its land development arm, the Rail Land Development Authority (RLDA), plans to raise at least ₹8,000 crore by leasing key land parcels in Mumbai's real estate market. The RLDA aims to lease approximately 25 acres of land spread across four prime locations in the financial capital. This includes the RLDA plot in Mumbai’s Bandra West, spanning five acres, which currently houses railway staff quarters dating back to 1955, followed by one plot in Bandra East and another in Parel, Central Mumbai.
In one of 2025’s largest outright land deals by value, the Reserve Bank of India (RBI) has acquired 4.16 acres from the Mumbai Metro Rail Corporation Limited (MMRCL) for ₹3,472 crore at Nariman Point. The MMRCL had pegged the plot's reserve price at around ₹5,173 crore. In October 2024, the MMRC floated global bids to monetise the land on a long-term lease basis. However, in November 2024, the RBI expressed interest in purchasing it.
This series of high-value real estate deals in Mumbai underscores the city's continued attractiveness for large-scale investments and development projects. The RLDA's initiatives to monetise railway land are expected to bring in substantial revenue and contribute to the urban development of the city.
