The 28-acre property piece in Bandra Reclamation along the Western Express Highway (WEH) is a treasured resource that the Maharashtra State Road Development Corporation (MSRDC) is preparing for development. They expect to generate INR 8,000 crore from this land parcel. The land’s major part is ready for development, and MSRDC is looking for a construction or development company to lead this big project.
An official of MSRDC said that, as of now, out of the 28 acres, 24 acres are readily available for development. The remaining 4 acres are earmarked with reservations, and they are waiting for necessary permissions for later integration of those 4 acres into the project.
MSRDC and the selected agency will enter into a revenue-sharing agreement. The official also disclosed that plans are underway to develop a mixed-use area that combines residential and business zones; however, the designated agency will be responsible for creating the complex’s plan.
Land Ownership:
Though MSRDC intends to give a lease for a considerable amount of time, it intends to retain ownership of the land. It will give the land on lease for 60 years. If everything is fine, then it might renew the lease for 30 years.
Land Handover:
The handover of the land will be done in two phases.
Phase I:
This involves covering an area of 22596.38 square metres (over 5 acres), which will be relinquished first, with MSRDC’s office space being relocated to a ready-to-move alternative within 30 days of notice.
Phase II:
In this phase, the larger chunk, 75925.26 square metres (over 18 acres), which is currently occupied by a casting yard, will be transferred to the developer for work on it. This phase’s handover is scheduled to take place within four and a half years from the signing date of the agreement. It can be extended by six months at MSRDC’s order without charging any penalties.
The entire project is expected to be completed in 10 years.
MSRDC has worked to obtain concessions from the Maharashtra government, requesting a 10% decrease in several premiums. If certain concessions cannot be made, the project's executing agency will be liable for those expenses. According to MSRDC representatives, extra costs would be taken into account when calculating the revenue share.
MSRDC had previously intended to make money from its 1.5-acre land lot on Nepean Sea Road; however, the idea has not taken off to date.
Large-scale infrastructure development projects managed by MSRDC include the Pune Ring Road, Virar Alibaug Multi Modal Corridor, Versova Bandra Sea Link, Revas Reddi Coastal Road, and Samruddhi Mahamarg. An official stated that these will be financed using the earnings from monetization.
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