MSRDC Unveils Ambitious Plan For 28-Acre Bandra Reclamation Land Rs 8,000 Cr Project

The Maharashtra State Road Development Corporation (MSRDC) is embarking on a significant venture, unlocking the potential of its prized 28-acre land parcel in Bandra Reclamation along the Western Express Highway (WEH). This valuable real estate is slated for development, and MSRDC is actively seeking a construction/development agency to lead this ambitious project.

Of the sprawling 28 acres, 24 acres are readily available for immediate development, while the remaining 4 acres are earmarked with reservations, awaiting necessary permissions for future integration into the project, according to an MSRDC official.

The anticipated windfall from the eventual sale of the developed areas within this parcel is estimated to be a minimum of Rs 8,000 crore. MSRDC plans to engage in a revenue share model with the selected agency. While the official revealed plans for a mixed-use space that combines commercial and residential zones, the detailed master plan will be entrusted to the appointed agency.

In terms of ownership, MSRDC aims to retain its rights over the land but is considering granting a lease for an extended period—initially for 60 years, extendable for an additional 30 years, and potentially an extra 9 years, subject to MSRDC’s conditions.

The handover of the land will unfold in two phases. Phase I, covering an area of 22,596.38 sq. metres (over 5 acres), will be relinquished first, with MSRDC’s office space relocating to an alternative location within 30 days of notice. Phase II involves transferring the larger chunk—75,925.26 sq. metres (over 18 acres)—currently occupied by a casting yard. This second phase’s handover is scheduled within four and a half years from the agreement signing, extendable by six months at MSRDC’s discretion, without incurring penalties. The entire project is expected to be completed within a 10-year timeframe.

MSRDC has sought concessions from the Government of Maharashtra, aiming for a 10% reduction in various premiums. However, if these concessions are not granted, the selected agency will be responsible for covering the costs, with any additional expenses factored into the revenue-sharing arrangement, as clarified by MSRDC officials.

Notably, MSRDC had previously contemplated monetising a 1.5-acre land parcel on Nepean Sea Road, but the plan has yet to materialise.

Funds generated from the Bandra Reclamation project are earmarked to support MSRDC's ambitious infrastructure development projects, including the Samruddhi Mahamarg, Virar Alibaug MultiModal Corridor, Versova Bandra Sea Link, Revas Reddy Coastal Road, Pune ring road, among others. MSRDC officials emphasise that the proceeds from monetisation will play a crucial role in funding these vital infrastructure initiatives.