Adani Group to Redevelop Bandra Reclamation Plot, Awaiting MSRDC Approval

Mumbai: The Maharashtra State Road Development Corporation (MSRDC) will redevelop a 29-acre plot at Bandra Reclamation. Adani Group company Adani Realty has been awarded the best bid for the same and now the letter of intent for redevelopment will be given to Adani Group as soon as it gets approval from the board of directors of MSRDC. 

'The proposal for approval will now be placed before the upcoming meeting of the MSRDC board of directors of the Bandra reclamation site. The contractor will be given a letter of intent," said Kailash Jadhav, joint managing director, of MSRDC. The MSRDC owns a 22-acre plot at Bandra Reclamation. The contractor will have to be laid off, officials said.

Part of this is currently being used for casting yards. The other seven-acre plot is home to the MSRDC headquarters. At present, the MSRDC is working on a large number of infrastructure projects. The MSRDC will start work on the Pune Ring Road and Virar-Alibaug Multi-Modal Corridor projects in the next few months.

Fundraising intentions:

In the coming days, ambitious projects like Nagpur-Goa Shaktipeeth Marg, and Mumbai-Goa Konkan Expressway will also be taken up. These projects will require a large amount of funds and the MSRDC intends to raise some funds from the redevelopment of the plot in Bandra.

The project should be completed in 10 years:

Meanwhile, the MSRDC will get a one-time fund of Rs 8,000 crore from the redevelopment of the plot. Also, after the redevelopment of the site, the contractor will have to pay 23.15 percent of the profits after deducting the cost to MSRDC. 

2) Due to this redevelopment work, the OFFICE of MSRDC will have to be temporarily shifted. The contractor will have to find a new site with the MSRDC. 

3) MSRDC will also have to set up a 50,000 sq ft office at the site. The contractor will have to execute the redevelopment project within 10 years, officials said.