MSRDC Bhavan to come on Bandra plot

MSRDC will establish a new headquarters on Bandra Reclamation, awarded to Adani Realty, with construction set to take five years under a revenue-sharing deal.

Mumbai: The Maharashtra State Road Development Corporation (MSRDC) will get a new office that will serve as its headquarters on the 24-acre Bandra Reclamation plot where it had its camp office and casting yard. The contract to redevelop the plot was awarded to Adani Realty in February, and the MSRDC headquarters, to be called MSRDC Bhavan, will be constructed under a revenue sharing deal with the firm, officials aware of the matter told Hindustan Times.

The land parcel has a potential development area of 45 lakh square feet and is valued at around ₹30,000 crore, said sources (Hindustan Times)

“It is a joint development project and the first phase will take about five years. We will move to Kohinoor Square mall till then,” said MSRDC managing director Anil Gaikwad.

Environmental clearances for the redevelopment project are already in place, Gaikwad added.

Adani Realty had emerged as the ‘preferred bidder’ for the plot in February by offering the highest financial bid, providing 22.79% revenue to MSRDC. This surpassed Larsen and Toubro’s bid of 18% revenue sharing, although the company had a stronger net worth at approximately ₹84,000 crore compared to Adani’s ₹48,000 crore.

The land parcel has a potential development area of 45 lakh square feet and is valued at around ₹30,000 crore, said sources.

Formed in the 1990s, MSRDC initially operated from a camp office at Priyadarshini Park along Napean Sea Road while the Bandra plot served as the site office for the Bandra Worli Sea Link.

The office was to be demolished after the sealink was constructed, which happened nearly 15 years ago. Yet, MSRDC continued occupying the plot on some pretext or the other, such as having a temporary office and casting yard,” said activist Zoru Bathena.

While the plot is now being used for the Versova Bandra Sea Link, the MSRDC has claimed ownership and development rights over it, much like encroachers stake claim to government land via Slum Rehabilitation Authority schemes, Bhathena added.