India, Dec. 24 -- A prime 2.5-acre land parcel in South Mumbai's Mahalaxmi locality has drawn a record-breaking bid of Rs.2,251 crore for a 99-year-long lease by the Railway Land Development Authority (RLDA). According to real estate experts, this was the highest price ever offered for a 2.6-acre plot in the Mumbai real estate market, which can be considered a trend-setting move.

The RLDA plans to commercially exploit this land space. The size of the uneven hexagonal plot is 10,801.70 square metres, or approximately 2.669 acres (1.08 hectares).

The reserve price of leasing the plot was nearly Rs.1,000 crore; however, the RLDA has received a bid of Rs.2,251 crore from Dineshchandra R Agrawal Infracon, who has emerged as the top bidder. T...