Oberoi Reality bags Bandra East railway plot for ₹5,400 crore

Oberoi Realty confirmed it had leased the land for 99 years, adding that it had the FSI potential of approximately 1.95 million square feet

Mumbai: A massive open plot of land visible from the skywalk outside Bandra (East) station could soon be home to skyscrapers, with Oberoi Realty emerging as the highest bidder in a recent auction conducted by the Rail Land Development Authority (RLDA).

Mumbai, India - March 21, 2025: Slum encroachment near the Bandra ststion east side in Mumbai, India, on Friday, March 21, 2025. (Photo by Satish Bate/ Hindustan Times) (Hindustan Times)

The prime 45,371 square-metre (11-acre) land parcel, located along the Western Express Highway and close to the Bandra Kurla Complex (BKC), fetched ₹5,400 crore in an auction conducted on Wednesday. Oberoi Realty confirmed it had leased the land for 99 years, adding that it had the FSI potential of approximately 1.95 million square feet.

“The bids were opened by RLDA on Wednesday, and Oberoi Realty’s bid at ₹5,400 crore emerged as the highest. Communication from RLDA with regards to the next steps in the process is awaited,” read a statement issued by the realtor confirming the development.

An RLDA official, requesting anonymity, said, “We have managed to get more than the asking price of ₹5,365 crore, which is an achievement. After due process is followed, this land parcel will be handed over to the developer on a long-term lease.”

“This land parcel is suitable for premium office and retail development, considering its proximity to Bandra Kurla Complex. There is a scope for luxury residential housing too, as there are other big developers who are constructing skyscrapers nearby,” said a railway official.

The bidding process saw strong interest from developers. After initial scrutiny, Shree Naman Developers and Oberoi Realty qualified for technical evaluation, with Oberoi Realty eventually securing the highest bid.

Railway officials said they have been trying to monetise the land for several years while also preventing encroachment. “This land is right next to Bandra railway station, and has already been illegally encroached by slums. There have been quite a few demolition drives as well carried out on this land, which also has water supply lines passing by,” said another railway official.

Previously, the RLDA had auctioned two other prime railway plots in Parel and Mahalaxmi. A six-acre plot at Supari Baug Colony in Parel was awarded to M/s Dineshchandra R Agrawal Infracon Pvt Ltd for ₹1,368 crore.

These plots are expected to generate substantial non-fare revenue while enabling private-sector participation in urban redevelopment, officials said. The model has proven beneficial for both Indian Railways and developers, supporting infrastructure funding while unlocking prime urban land for productive use.