Bandra beckons: Adani Realty plots its most ambitious luxury build

The project, which is at the design and planning stage, will be developed over 20 acres located along the Bandra-Worli Sea Link approach road, facing the Mahim Bay, which belongs to the state agency Maharashtra State Road Development Corporation (MSRDC).

Last year, Adani Realty emerged as the top bidder for the redevelopment of the land, outbidding L&T Realty, which was the only other eligible bidder in the bid process.Once the approvals are procured, the first phase of the project, spread across roughly five acres, will begin development.

Mumbai, India’s most valuable property market, has steadily become Adani Realty’s core real estate-focused geography. So far, the company has built premium homes in Mumbai, the most expensive among them being ‘Ten BKC’, which sells at ₹60,000-70,000 per sq ft.

“This will be Adani’s entry into the luxury development space. The project has the pricing potential of at least ₹1 lakh per sq ft. The first phase of the project will have large-format homes that could be as big as 5,000 sq ft, as well as duplexes and penthouses of 10,000-12,000 sq ft. Given the location of this phase, all the homes will have an expansive sea view,” said the first person mentioned above, who didn’t wish to be named.

The project will also include a high-end, branded clubhouse run by a hospitality firm and premium retail space.

“It will have a golf simulator, infinity pool, branded spa and salon. International architects are working on the design and project plan,” the person above added.

An Adani Realty spokesperson didn’t respond to Mint‘s queries.

Growing bouquet

Apart from the Mumbai Metropolitan Region (MMR), the developer has real estate projects in Pune, Ahmedabad, and Delhi-National Capital Region (NCR).

Mint reported in April 2024 that its project portfolio totals over 200 million sq ft, with 130 million sq ft earmarked for potential future development. Since then, the company’s portfolio has expanded rapidly.

While the company plans to do a mix of housing, office and retail projects, it specialises in large-format, often complex, residential-led developments. “Despite Bandra being a micro-market that sells between ₹60,000 and ₹1,50,000 per sq ft, there is limited supply of large format homes because of the small plot sizes. So, there is a very good demand for larger homes. Besides the fantastic location and accessibility, the Bandra Reclamation project is a great opportunity to develop a large residential community in the heart of the city,” said Anuj Puri, chairman at property advisory Anarock Group.

Meanwhile, last year, two public interest litigations were filed in the Bombay High Court questioning the allotment of the land for commercial development, citing environmental concerns.

Rapid rise in Mumbai

Adani Realty entered the real estate sector in 2010 with the 600-acre Shantigram mixed-use development township project in Ahmedabad.

Like some of the leading developers, such as DLF Ltd andGodrej Properties Ltd, Adani Realty saw the current market as an opportunity to strengthen its residential business, particularly large developments.

While it has projects in other cities, it is clearly focused on Mumbai.

The mega Dharavi redevelopment project is being developed by Navbharat Mega Developers Pvt. Ltd (NMDPL), a special purpose vehicle formed as a joint venture between the Maharashtra government and the Adani Group.

In March, Adani Properties (the parent company that operates under the Adani Realty brand) was the highest bidder to redevelop Motilal Nagar in suburban Mumbai’s Goregaon along with the Maharashtra Housing and Area Development Authority (Mhada), at an estimated cost of ₹36,000 crore.

Earlier this year, an Adani Group subsidiary also acquired a 1.1-acre plot in south Mumbai’s tony Carmichael Road locality for over ₹170 crore.

“The company has been deliberating over the nature of development on this land, and it is likely to develop a few ultra-luxury apartments. While the per square foot price would be more than the Bandra Reclamation project, this is a small project with boutique homes that could sell just by word of mouth,” said the second person mentioned above.

Possibly, the company’s largest development will be a massive 1,000-acre township project in Navi Mumbai, where the conglomerate is building a new international airport.