MUMBAI, Jan. 3 -- The Maharashtra State Road Development Corporation (Maharashtra State Road Development Corporation) will shift its head office next week from Bandra Reclamation to Kohinoor Square in Dadar, paving the way for Adani Realty to begin development of a prime sea-facing land parcel along the Arabian Sea. Following a prolonged legal battle, Adani Realty emerged as the successful bidder to develop the 22-acre plot, which currently houses MSRDC's head office and a casting yard. When bids were opened in February 2024, Adani Realty offered a revenue share of 22.79% to MSRDC, the highest among the bidders. Mumbai-based Larsen and Toubro (Larsen and Toubro) had quoted an 18% revenue share, while Mayfair Housing, the third bidder, was disqualified. "We will be operating from there for the next five years. By then, MSRDC Bhavan is expected to be ready at Bandra Reclamation, after which we will move back," an MSRDC official told Hindustan Times. The corporation's temporary office will occupy the 21st, 22nd and 23rd floors of Kohinoor Square in Dadar. As per the agreement, Adani Realty will bear the lease cost during this period. The 22-acre land parcel has a potential development area of nearly 45 lakh square feet and is estimated to be valued at around Rs.30,000 crore. It forms part of the larger transformation of Bandra Reclamation's skyline, where several high-end residential projects are at various stages of redevelopment. Under the Development Control and Promotion Regulations (DCPR) 2034, the plot has been earmarked for both commercial and residential use. Residential prices in Bandra Reclamation are currently pegged at over Rs.80,000 per sq ft. MSRDC expects to generate a minimum of Rs.8,000 crore from the project, which will be used to finance infrastructure projects across Maharashtra. In the first phase, Adani Realty will take up development of six to seven acres, including the portion on which MSRDC's existing office stands. More than 15 years ago, MSRDC was headquartered at Nepean Sea Road before shifting to Bandra Reclamation in search of larger premises....