The Rail Land Development Authority is making a third attempt to lease out 45,371 square metres of land in Bandra East near the railway station for development of commercial space.
Unitech, Akruti City, HDIL and Rel Infra likely to bid
NEW DELHI: The Rail Land Development Authority is making a third attempt to lease out 45,371 square metres of land in Bandra East near the railway station (adjacent to the Western Express Highway) for development of commercial space, including two towers.
But this time, RLDA has set an eye-popping floor price of Rs 4,628 crore for the property. The lease period is set at 80 years.
Unitech, Akruti City, HDIL and Reliance Infrastructure Ltd have shown interest in the project.
New Delhi-based Feedback Ventures is the consultant for the project.
Two earlier attempts to lease the land had failed.
On April 5, 2008, RLDA had set a reserve price of Rs 1,750 crore.
Ashok Gupta, member, Planning and Infrastructure Development, Railway Land Development Authority, said the recreational green area has been reduced to 15% from 25% earlier.
“This gives developers more land to build. Also, the earlier clause of transferring one of the two towers proposed on the premises to Railways has been removed. I believe this is a good offer for developers… this would create interest,” he said.
“We have a pre-bid meeting on 19th September … and we are expecting a good show,” Gupta said.
Earlier the floor area ratio (FAR) set for the property was 2. “But we got approval from the Maharashtra government about two weeks back for a FAR of 4,” Gupta said.
The extra FAR would be transferred to the Mumbai Urban Transport Project and other related projects.
This could bring in additional amount of around Rs 2,000 crore, Gupta said.
But realtors say the price is too expensive considering that there is a skywalk and a huge nullah on one side of the plot and slums on the other.
“This makes it difficult to make commercial projects,” said a realtor who did not wish to be named.
But another realtor counters: “Remember, the location is Bandra, just next to the station and just off the Western Express Highway. So it is a great location. The eyesores can be tackled architecturally.”
vivek_s@dnaindia.net, pooja_s@dnaindia.net
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