MSRDC eyes Rs 8,000 crore from development of 28 acre Bandra Reclamation land parcel

The estimated windfall for MSRDC from the eventual sale of developed areas within this parcel is a minimum Rs 8,000 crore. MSRDC will sign a revenue share model with the appointed agency. While the official informed further that plans are afoot to create a mixed-use space, blending commercial and residential zones, though the intricate master plan will be done by the appointed agency.

In terms of ownership, MSRDC aims to maintain its rights over the land but plans to grant a lease for a substantial period—initially 60 years, extendable for another 30 years, and potentially an additional 9 years, subject to MSRDC’s conditions.

The handover of the land will occur in two phases. Phase I, covering an area of 22596.38 sq. metres (over 5 acres), will be relinquished first, with MSRDC’s office space being relocated to a ready-to-move alternative within 30 days of notice. Phase II involves transferring the larger chunk—75925.26 Sq Mt (over 18 acres)—currently occupied by a casting yard. This phase’s handover is scheduled within four and a half years from the signing of the agreement, extendable by six months at MSRDC’s discretion, without incurring penalties. The projected completion deadline for the entire project is set at 10 years.

MSRDC has made efforts to secure concessions from the Government of Maharashtra, seeking a 10% reduction in various premiums. However, if these concessions are not granted, the agency undertaking the project will be responsible for covering the costs. Any additional expenses incurred will be factored into the revenue share, as clarified by MSRDC officials.

Meanwhile, earlier MSRDC had planned to monetise its Nepean Sea Road 1.5 acres of land parcel however, the plan did not take off till date.

MSRDC is taking care of various big budget infrastructure development projects such as Samruddhi Mahamarg, Virar Alibaug MultiModal Corridor, Versova Bandra Sea Link, Revas Reddi Coastal Road, Pune ring road among others. An official said the money generated from monetisation will be used to fund these.