India, Feb. 5 -- Oberoi Realty has emerged as the highest bidder for an 11-acre land parcel in Mumbai, placing a bid worth Rs 5,400 crore to secure development rights for the prime property.
In a regulatory filing, the company said it participated in the bidding process conducted by the Railway Land Development Authority for a 99-year lease of approximately 45,371 square metres (around 11 acres) of railway land located in Bandra East.
The parcel offers a substantial development opportunity with a Floor Space Index (FSI) potential of nearly 19.5 lakh square feet, making it one of the key real estate opportunities in the city. The financial bids were opened by RLDA on Wednesday.
The acquisition is expected to strengthen Oberoi Realty's pro...