Key Points
Adani Realty has secured the contract to redevelop the 24-acre Bandra Reclamation land parcel, put up by the Maharashtra State Road Transport Corporation (MSRDC), as per a report by the Free Press Journal..
Adani Realty emerged as the 'preferred bidder' by offering the highest financial bid, providing 22.79 percent revenue to MSRDC..
The decision comes despite L&T having a stronger net worth of approximately 84,000 crore compared to Adani's 48,000 crore, Adani's higher bid secured the preference, it added..
If approved by the board, Adani Realty will be responsible for bringing funds, handling clearances and permissions, and paying a minimum of 8,000 crore to MSRDC as a benchmark amount..
While 18 top players attended the pre-bid meeting Adani Realty, Godrej Properties, JSW, K.Raheja Corp, L&T Realty, Lodha, Mahindra Lifespaces, Oberoi Realty, Phoenix Realty, Runwal, Sahana Group, Sattva, Sunteck Realty, Sumitomo, Wadhwa Group, and Wellspun, among others, however, only three responded to the bidding process..
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Adani Realty gets MSRDC's 24-acre Bandra Reclamation redevelopment project
16, Feb, 24Adani Realty, a subsidiary of the Adani Group, has emerged as the top bidder for the redevelopment of the Maharashtra State Road Development Corporation's (MSRDC) 24-acre land at Bandra Reclamation near the Bandra-Worli Sea Link, outbidding Larsen & Toubro, the only other eligible bidder. Adani Realty offered a 23.15% revenue share, surpassing Larsen & Toubro's 18%. The final decision rests with the MSRDC Board next week.