The Railway Land Development Authority (RLDA), the nodal agency for development of railway land in the country, has yet again put its 45,371-square metre land in Bandra (east), Mumbai, on the block. The reserve price of the plot was last pegged at Rs 3,960 crore.
The RLDA had failed to sell the plot on five occasions in the past. On the last occasion, the bid was called off due to a court case on the title of the land. In 2008, the state granted a floor space index of four.
The land authority plans to lease the land for 45 years and wants the developer to finance, design, construct, and market the commercial complex built on the land. A pre-application meeting is scheduled on February 23 and the last date for filing of applications is March 18, 2011, an RLDA advertisement said today.
The agency has issued global request for qualification (RFQ) from eligible candidates on February 4, 2011 and had cancelled the RFQ issued on August 6, 2010.
In its previous attempt to sell the land in 2008, RLDA had cut the reserve price of the plot by nearly 14 per cent to the current Rs 3,960 crore. It had also reduced the minimum networth requirement by a similar margin in a bid to perk up the interest of bidders.
Though developers like DLF, Unitech, Parsvnath and Indiabulls expressed interest in the project, they had backed out, since the reserve price was considered too high, given the slowdown in the real estate market.
