Mumbai-based real estate developer Oberoi Realty has emerged as the highest bidder for the lease of a key railway land parcel in Bandra East, quoting ₹5,400 crore for the project, the company said on Tuesday.
The bid relates to around 11 acres of land owned by Indian Railways and offered through its land development arm, the Rail Land Development Authority (RLDA). The plot is located adjacent to the Western Express Highway, one of Mumbai’s busiest arterial roads, and has been offered on a 99-year lease.
In a regulatory filing dated 4 February, Oberoi Realty said the financial bids were opened by the RLDA on the same day, with the company’s offer emerging as the highest. It added that formal communication from the RLDA regarding the next steps in the process is awaited.
According to the company, the land parcel carries a development potential of approximately 19.5 lakh square feet, based on permissible floor space index (FSI). The site’s location and scale make it one of the most sought-after railway land assets currently being monetised in Mumbai.
The bid forms part of a broader monetisation drive by Indian Railways. The RLDA has indicated that it plans to raise at least ₹8,000 crore by leasing out about 25 acres of land across four prime locations in India’s financial capital, as it looks to unlock the value of under-utilised assets.
The development comes at a time when Oberoi Realty has reported a softening in its pre-sales momentum during the third quarter of FY26. According to ICICIDirect Research, this was largely due to the absence of new project launches and lower traction at select developments, including Three Sixty West, Elysian, Enigma and Sky City.
However, the company has pushed back against concerns of a broader housing slowdown. Speaking during the Q3FY26 earnings call on 20 January, Chairman and Managing Director Vikas Oberoi said demand conditions remained stable, adding that market softness was largely dependent on the developer, location and product segment. He also said the company expects to receive planning approvals for its Gurugram project within the next 30 to 40 days.
