Mumbai’s skyline is once again at the center of a high-stakes competition. Two of the city’s biggest real estate names, Oberoi Realty and Shree Naman Developers, are currently locked in a race to acquire a massive piece of land in Bandra East. This isn’t just any plot; it is an 11-acre stretch of prime land owned by the Indian Railways, and its sale could change the face of the neighborhood forever.
The land in question
The land parcel, located right on the Western Express Highway, is roughly 11.21 acres. To put that in perspective, that is nearly the size of eight football fields combined. Because it sits right next to the Bandra-Kurla Complex (BKC), Mumbai’s premier business hub, it is considered some of the most valuable real estate in the country.
A new way of doing business
Traditionally, when the government sold land, the developer paid a huge sum upfront and owned the rights. However, for this Bandra project, the Rail Land Development Authority (RLDA) is trying something different. Instead of just taking a one-time payment, they have set a “revenue-share” model.
The winning developer must agree to give at least 45% of all the money they make from the project back to the government. This means the railway department remains a long-term partner in the project’s success. Even with this high requirement, the starting price for the bidding process was set at a staggering ₹5,365 crore.
The contenders
After a rigorous screening process, only two developers remain in the final running:
- Oberoi Realty: Known for luxury towers and high-end malls, they have been aggressively buying land across Mumbai recently.
- Shree Naman Developers: A strong competitor with deep experience in building premium commercial and residential spaces.
Interestingly, these two companies have worked together on projects in the past, but for this specific Bandra land, they are facing off as rivals.
Why this matters for Mumbai
This deal is part of a larger plan by the Indian Railways to modernize and earn money from land that has been sitting empty for years. Similar auctions have recently happened in Mahalaxmi and Parel, bringing in thousands of crores.
For residents and investors, this development means more than just new buildings. A project of this size usually brings better roads, improved infrastructure, and new commercial spaces that create jobs. With the permission to build very high (thanks to a generous Floor Space Index), the winner will likely create a landmark “city-within-a-city” that will redefine the Bandra East entrance.
As the technical checks wrap up, the real estate market is watching closely. Whoever wins will not just be building apartments or offices; they will be owning a piece of Mumbai’s future.
Also read – Is 2026 the best time to buy? Why the real estate market is shifting for you
Disclaimer – This article is for informational purposes only and does not constitute financial or investment advice. The author is not responsible for any decisions made based on this content.
Source – ET Realty
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