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Railways to monetise 25 acres in Mumbai, eyes ₹8,000 crore boost
The Rail Land Development Authority (RLDA) plans to monetise four land parcels in Mumbai, located in areas such as Bandra, Mahalaxmi, and Parel
The Indian Railways, through its land development arm, the Rail Land Development Authority (RLDA), is planning to raise at least ₹8,000 crore by leasing out key land parcels in Mumbai's real estate market.
The RLDA aims to lease approximately 25 acres of land spread across four prime locations in the financial capital.
Here is a look at four land parcels that RLDA plans to lease for the long term.
1) Bandra West staff quarters plot (5–6 acres)
The RLDA plot in Mumbai’s Bandra West, spread across five acres, currently houses railway staff quarters dating back to 1955.
According to a report published in the Hindustan Times, the authority plans to rehabilitate the existing staff into a 25-storey high-rise and monetise the remaining portion of the land for commercial development.
The RLDA is currently finalising details such as the reserve price, lease tenure, and permissible Floor Space Index (FSI), the report said.
2) Mahalaxmi
The RLDA on September 8 said it has floated bids for a 10,801 sq mtrs (2.66 acres) plot in Mahalaxmi near the railway station. The plot has a potential of 4.0 FSI, and it plans to raise nearly ₹1,000 crore by leasing it for 99 years.
The land has potential for the development of residential and commercial real estate.
3) Parel
The RLDA also floated bids to monetise a plot for 99 years in Parel. The RLDA said the land's potential lies in residential development with an FSI of 4.05.
The railway authority plans to raise over ₹1,700 crore from the 99-year lease of the 5.69-acre land parcel.
4) Bandra East
The plot proposed to be leased outside Bandra East railway station by RLDA is the largest and measures close to 11.20 acres.
Also Read: Mumbai redevelopment to add more than 44,000 homes worth ₹1.3 lakh crore by 2030: Knight Frank
The authority plans to raise over ₹5,300 crore by leasing the plot, which has potential for commercial development with an FSI of 4.0.
