MUMBAI, Sept. 24 -- In a rare scenario, 2.67 acres of railway land up for sale in Mahalaxmi is grabbing eyeballs as it will have an FSI of 8, allowing the construction of a 50-75 storey building. In the pre-bid meeting earlier this month, 40-45 developers evinced interest in the land, the reserve price of which Rs.993 crore. A similar pre-bid meeting was also held on Tuesday for plios in Parel and Bandra (East), where 60-65 developers from various cities, including Mumbai, Delhi, and Bengaluru, expressed their interest. Both these meetings were undertaken by the Rail Land Development Authority (RLDA). Real estate experts said that 8 FSI has the potential to construct nearly 75-storey buildings, which would depend on floor use, building usage, broad plans, etc. "The plot at Mahalaxmi is unique because the railways are offering an FSI of 4.05. And since the Science Museum station of Metro Line-3 is under the TOD (transit-oriented development) policy of the state government, the winning bidder will be eligible to get an additional 4 FSI," said a railway official. "Additionally, the location of the rail land, which is around the corner facing the Mahalaxmi Racecourse, is lucrative." The MMRDA's TOD policy allows developers to achieve an FSI of up to 4 for large plots (2 lakh sqft) on 9-meter-wide roads or even higher within TOD zones. It aims to promote sustainable urban growth around mass transit systems such as metro and monorail. The policy focuses on encouraging high-density, mixed-use development within a 500-meter radius of stations, using the Mumbai Metropolitan Region's Development Control and Promotion Regulations (DCPR-2034). This aims to reduce vehicle dependence, promote walking, cycling, increase public transport ridership, and generate revenue for infrastructure projects. The 10,841 sq.m plot in Mahalaxmi, opposite to the Racecourse, has a base price of Rs.993 crore with an average of Rs.85,411 per sq ft. The tenders for mixed-use of land - both residential and commercial - are likely to be called by mid-October. The three open plots spread across 19.57 acres in Parel, Mahalaxmi and Bandra are anticipated to fetch over Rs.8,000 crores. The RLDA is expecting real estate developers and real estate investment trusts to take over these open land spaces and generate non-fare revenue for Indian Railways. At Parel's Supari Baug Colony, 23,047 sq.m of land will be up for grabs with FSI of 4.05, for which the base price is Rs.1,734 crore. The Bandra (East) plot parallel to the rail tracks, is pegged at a base price of Rs.5,316 crore. The open land is 45,371 sq m with an FSI of 4 for a period of 99 years....