Mumbai Mahalaxmi Land Receives Record ₹2,251 Crore Bid from RLDA Auction

• Dineshchandra R Agrawal Infracon submits highest bid of ₹2,251 crore

• Plot measures 2.669 acres with potential FSI of 4.0 for development

• Other major bidders included Sobha Realty, Lodha Group, and RMZ Group

Mumbai: A 2.6-acre plot in South Mumbai’s Mahalaxmi area has received a record-breaking bid of ₹2,251 crore for a 99-year lease, marking the highest price ever offered for a land parcel of this size in the city. The auction was conducted by the Railway Land Development Authority (RLDA), which plans to commercially develop the land.

The uneven hexagonal plot spans 10,801.70 square metres (2.669 acres or 1.08 hectares) and is located near the Mahalaxmi railway station, a prime location in Mumbai’s real estate landscape. With a Floor Space Index (FSI) of 4.0, the site offers significant development potential.

Originally, the reserve price for the lease was set at nearly ₹1,000 crore, but Dineshchandra R Agrawal Infracon emerged as the top bidder, outbidding other prominent developers such as Sobha Realty, Lodha Group, and RMZ Group. According to RLDA officials, the highest bidder is expected to receive a letter of acceptance within the next 10 days, after which detailed development plans will be approved.

This deal is part of a broader strategy by Indian Railways to monetize key land assets. Through the RLDA, the railways aim to raise around ₹8,000 crore by leasing 25 acres of prime land across Mumbai, including plots in Bandra West (five acres, currently housing old railway staff quarters), Bandra East, and Parel in Central Mumbai.

The Mahalaxmi transaction comes amid other high-value real estate movements in the city. Notably, in 2025, the Reserve Bank of India (RBI) acquired 4.16 acres from Mumbai Metro Rail Corporation Limited (MMRCL) for ₹3,472 crore at Nariman Point. The plot had an earlier reserve price of around ₹5,173 crore, and the deal is considered one of the largest outright land transactions in Mumbai in recent years.

Real estate analysts say the record-breaking bid in Mahalaxmi reflects the strong appetite for prime Mumbai land, particularly for long-term commercial and luxury developments. With limited availability of high-value plots in the city, such auctions are expected to continue shaping Mumbai’s ultra-premium real estate market in the coming years.