RLDA awards its Bandra (East) project to Oberoi Realty
The Rail Land Development Authority (RLDA) on Saturday awarded a landmark commercial development project at Bandra (East), Mumbai, to Oberoi Realty Ltd., Goregaon (E), Mumbai, marking the highest-ever transaction in RLDA’s history and one of the largest real-estate deals in Mumbai and India.
The project was awarded through a transparent and competitive tender process following the opening of financial bids earlier on Saturday. The winning bid of Rs 5,400.00 crore, with a revenue share of 45 per cent to RLDA, exceeded the reserve price of 5,365.00 crore, while fully meeting the prescribed minimum revenue-share requirement.
The outcome reflects strong market confidence in RLDA’s asset portfolio, policy framework, and the growing attractiveness of structured public — sector land development. The tender witnessed intense competition from leading developers. M/s Shree Naman Developers Pvt Ltd, in joint venture with the world’s largest global alternative asset manager, Brookfield, emerged as a close competitor, submitting a bid of 5,373.09 crore with an equivalent 45 per cent revenue share. The closely contested bids underline the premium nature of the Bandra (East) site and its long-term commercial potential.
Spread over 45,371 square metres with a permissible FAR of 400 and a 99-year lease tenure, the Bandra (East) site enjoys a strategic location with excellent connectivity.
