Gautam Adani's company has placed the highest bid for redevelopment of Maharashtra State Road Development Corporation's (MSRDC) 24-acre prime land in Bandra Reclamation near Bandra Worli. Adani Realty has emerged as the highest bidder, beating veteran Larsen & Toubro. Adani Realty has proposed a share of 23.15% of the revenue to the state government body. While Larsen & Toubro (L&T) has offered 18 percent of the project's revenue. Now the final decision of this agreement will be taken by the Maharashtra State Road Development Corporation (MSRDC).
30 crore government projects.
MSRDC has invited bids for a prime land parcel facing Mahim Bay and along Sea Link Approach Road with a casting yard and MSRDC office. The plot has been earmarked for development for commercial and residential use and has an estimated cost of Rs 30,000 crore. The potential development area of this land parcel is 45 lakh square feet.
What did MSRDC say?According to Anil Kumar Gaikwad, MD, MSRDC, the decision was based on a revenue-based model. Adani's high bid is in line with the government's interest in maximizing revenue for new and ongoing infrastructure projects. Gaikwad also refuted allegations that the bidding process was favoring certain developers. "Since MSRDC's bidding is on a revenue-based model, the developer who gives maximum revenue is beneficial to the government. Adani has bid more so they are our option," he added. A decision in this regard will be taken in the upcoming meeting of MSRDC.