Oberoi Realty and Shree Naman Compete for Prime 11-Acre Railway Land in Mumbai's Bandra
Oberoi Realty and Shree Naman Developers have emerged as the eligible bidders for the Railway Land Development Authority’s (RLDA) over 11.21-acre prime land parcel in Mumbai’s Bandra locality, according to sources with direct knowledge of the development.
The railway body has set a reserve price of Rs 5,365 crore for the land parcel located along the Western Express Highway in Bandra East. As per the Railways’ tender conditions, the land parcel will be allotted through a long-term lease of 99 years for development under a revenue-share model with a base Floor Space Index (FSI) of four times.
The selected developer is expected to share a minimum of 45% of the revenue with the government body. Both the Mumbai-based developers have emerged as eligible participants for the next stage of the technical evaluation. The land parcel holds significant development value owing to its proximity to major commercial corridors such as the Bandra-Kurla Complex (BKC) and Andheri-Kurla Road.
The site’s connectivity and central location make it one of the most sought-after redevelopment opportunities in the country’s financial capital. This is the third land parcel being monetised by the Railway Land Development Authority in Mumbai in the last few weeks, totalling around Rs 9,000 crore.
On January 6, it was reported that Dineshchandra R. Agrawal Infracon Pvt. Ltd emerged as the highest bidder for a nearly 6-acre railway land parcel at Supari Baug Colony in Central Mumbai’s Parel with its bid of Rs 1,368 crore. On December 24, it was also reported that for its 2.5-acre land parcel in south Mumbai’s Mahalaxmi locality, the railway body had received its highest bid of Rs 2,250 crore, setting a new benchmark for land auctions in the country.
RLDA, Oberoi Realty, and Shree Naman Developers declined to comment on the story. Over the past few years, the city has witnessed a resurgence in real estate activity, driven by demand for luxury housing, commercial spaces, and redevelopment projects. The Mahalaxmi land auction not only set a new benchmark in terms of bid values but also signals a robust appetite among developers for premium urban land in India’s financial capital.
As competition intensifies in Mumbai’s core markets, such auctions are likely to attract even higher bids in the future, reinforcing the city’s status as a hotspot for large-scale real estate investment.
