Shree Naman Group, Oberoi Realty emerge top bidders for 11 acre Bandra railway plot

RLDA has multiple large land parcels in Mumbai for monetisation

Mumbai-based developers Shree Naman Group and Oberoi Realty have emerged as the top bidders for an 11 acre plot in Bandra (East), owned by the Indian Railways, according to sources from the Rail Land Development Authority (RLDA), which is conducting the bidding process. The land is slated to be handed over to the winning bidder for a lease period of 99 years.

According to tender documents, the plot, wedged between the Western Railway tracks and the Western Express Highway, has a reserve price of Rs 5,365 crore. The area is also located near the Bandra Kurla Complex business district. Additionally, the winning bidder is expected to share at least 45 percent of revenue generated from the project. The plot carries a floor-space index (FSI)- indicating the developable area relative to the size of the plot- of 4.0.

Moneycontrol has approached both Shree Naman Group and Oberoi Realty for comment on the matter, and the story will be updated once a response is received.

People aware of the matter said that the developable area at the site is expected to be around 1.9-2 million square feet, with the existing FSI of the plot. The site is expected to be developed into a mixed-use property, with commercial and residential properties, as well as a small retail component integrated into the premises. They added that with the area's property prices and large land price component may help form the strategy for the winning bidder.

"The surrounding area does not have too much residential development, and the area's home prices trade at a discount compared to Bandra (West) or core Bandra Kurla Complex, at around Rs 60,000-65,000 per square foot. So the winning developer may either choose to develop the residential component entirely to sell the inventory and completely pay off the RLDA, or they may choose to build offices on part of the land, earn rental income, and pay the revenue share over time, despite an interest component. The economics of the development due to the large land cost needs to be worked on," said one of the people.

Another property market observer said that a commercial development may be beneficial to developers, due to the plot's proximity to the Bandra railway station, enabling easy access for employees. The new commercial supply may also attract more tenants, due to low vacancies at Bandra Kurla Complex.

The RLDA tender is one of multiple similar deals in Mumbai, with the railways being one of the largest land holders in the city. In December 2025, infrastructure firm Dineshchandra R Agarwal Infracon emerged as the highest bidder for a six acre plot at Supari Baug in Parel, also owned by the railways. The firm had bid Rs 1,368 crore for the plot.

Additional plots in Mumbai for sale, lease, or development by the RLDA includes areas such as Thane, Mahalaxmi, among other suburbs.