Adani Realty Secures ₹30,000 Crore Bid to Redevelop Bandra Reclamation Land
Adani Realty has won the redevelopment contract for the Bandra Reclamation Land Parcel through a tender. Adani Realty secured the contract by bidding ₹30,000 crores. The deal is based on a revenue-sharing model.
The Adani Group’s company offered a 22.79% revenue share to win the bid. However, it is pending approval from the Maharashtra State Road Transport Corporation (MSRDC). The final decision regarding its approval will be taken up in the upcoming meeting of the MSRDC.
After receiving approval from the board, Adani Realty will provide ₹8,000 crores to MSRDC as the benchmark amount for the Bandra Reclamation Land Parcel project. This development spans approximately 45 lakh square feet and can be utilized by the company for commercial or residential purposes.
Eighteen companies, including L&T Realty, submitted bids for this deal, according to Anil Kumar Gayakwad, Vice Chairman and MD of MSRDC. Adani Realty, Godrej Properties, JSW, K. Raheja Corp, and L&T Realty are among the companies involved in the bidding process. Larsen & Toubro (L&T) proposed an 18% revenue share for this contract. L&T’s net worth is ₹84,000 crores, while Adani Realty’s net worth is ₹48,000 crores.
Adani Group’s company, Adani Properties, is undertaking the redevelopment of Asia’s largest slum, Dharavi, in Mumbai. On November 29, 2022, Adani Properties won the bid for the project to redevelop Dharavi slum. The company placed a bid of ₹5,069 crores for this redevelopment initiative.
