Mumbai, Sept. 9 -- The Indian Railways has shortlisted a plot in Bandra West, which currently houses its staff quarters, for commercial exploitation. The plot, measuring 5-6 acres, is adjacent to the Western Railway tracks and the G7 multiplex. It is one among several plots in the city that the Rail Land Development Authority (RLDA), whose mandate covers commercial exploitation of IR's vast assets in land, is hoping to lease out in a bid to raise revenues. "RLDA and Western Railway will soon sign a memorandum of understanding (MoU) for redevelopment of the existing railway quarters in Bandra West and commercial development of spare land," a senior railway official told Hindustan Times on condition of anonymity. "This is probably the first time that residential staff quarters will be taken up for redevelopment and commercial exploitation." The reserve price of the land parcel, lease period, floor space index, revenue sharing model and other aspects will be finalised in due course, the official said. The plot has around 35-40 ground plus two/ three storeyed buildings, the oldest of which were constructed in 1955-57. It also had some British era bungalows which were demolished a few years ago, said sources. Another senior railway official said that a portion of the plot will be used to construct a ground plus 20-25 storeyed building which will house rail staff. "Details regarding the area required to house rail staff will be computed before the lease plan is firmed up. The remaining portion of the plot will be used for commercial exploitation," the second official said. Meanwhile, on Monday, the RLDA floated tenders for development of three open plots at Parel, Mahalaxmi and Bandra East, cumulatively measuring 19.57 acres. Leasing out the plots for 99 years would fetch the authority more than Rs.8,000 crore, with Rs.95,000 per square foot (sqft) as the average price, said RLDA officials. HT was the first to report about the RLDA's elaborate plans to raise non-fare revenue by exploiting the railways' land bank. The reserve price for the Supari Baug Colony plot at Parel, measuring 5.69 acres, has been set at Rs.1,734 crore, at the rate of Rs.69,898 per sqft. For the Bandra East plot, parallel to the railway tracks and perpendicular to the Western Express Highway, the reserve price has been set at Rs.5,316 crore, at the rate of Rs.1.09 lakh per sqft. For the plot opposite the racecourse at Mahalaxmi, the base price has been set at Rs.993 crore, at the rate of Rs.85,411 per sqft. All three plots are located in real estate hotspots with multiple skyscrapers and premium residential and commercial projects. Similar luxury residential or commercial projects are likely to come up on the three plots, said railway sources. "The money generated by leasing out the plots will be used for creating additional amenities at railway stations, manufacturing coaches, and constructing and redeveloping railway stations," said an official....