MUMBAI: Adani Realty has emerged as the highest bidder for the development of a 24.4-acre Bandra Reclamation land and is now expected to bag the project.
The prime land was put on the block last month by Maharashtra State Road Development Corporation (MSRDC) with extremely stringent conditions in the tender document.
"Adani Realty outbid the only contender in the fray- L&T Realty-by offering about 4% more than the competing firm," said officials.
"Adani offered 23.15% revenue share to MSRDC, which is almost 1% more than its original bid of 22.79%. L&T's offer remained at 18%, thus clinching the deal for Adani," said Kailash Jadhav, joint managing director of MSRDC. Bid of the third contender, Mayfair Housing, could not qualify for the final round, he added.
Officials said the winning bid will be taken up next week when a formal approval will be given by MSRDC. The bid was based on a revenue-sharing model and whoever offered more would win. During the bidding process, L&T had shown a net worth of approximately Rs 84,000 crore while Adani's net worth was put at Rs 48,000 crore.
TOI had earlier reported that none of the top builders in Mumbai bid for the 24-acre sprawl with a gross development value of Rs 30,000 crore-plus because tender conditions were too stringent.
The technical eligibility criteria said the bidder must be a single entity, not a consortium, joint venture, collaboration or association of persons. The most challenging condition in the tender document was the bidder will have a minimum consolidated net worth of not less than Rs 15,000 crore on March 31, 2023.