Mumbai’s 2.67-acre railway land at Mahalaxmi has become a magnet for developers, drawing interest from over 40 firms for its rare development potential. The plot offers a base floor space index (FSI) of 4.05, which can be augmented by an additional 4 FSI under the state’s transit-oriented development (TOD) policy, potentially allowing construction of 50-75 storey buildings.
The Rail Land Development Authority (RLDA) held pre-bid meetings earlier this month and again recently to clarify details for developers from Mumbai, Delhi, Bengaluru, and other cities. The reserve price for the Mahalaxmi plot stands at ₹993 crore, equating to approximately ₹85,411 per square foot. Tender invitations for mixed-use development, encompassing both residential and commercial projects, are expected by mid-October. A railway official noted that the plot’s strategic location near the Science Museum metro station enhances its attractiveness. “This site benefits from the TOD policy, which encourages high-density, mixed-use development within a 500-metre radius of transit stations, promoting sustainable urban growth,” the official said.
The TOD framework, as part of the Mumbai Metropolitan Region Development Authority’s (MMRDA) Development Control and Promotion Regulations (DCPR-2034), is designed to reduce vehicular dependence, encourage walking and cycling, and increase public transport usage. Developers achieving higher FSI within TOD zones contribute to revenue generation for infrastructure projects while supporting urban sustainability. Experts estimate that with an 8 FSI, the Mahalaxmi plot can host buildings as tall as 75 storeys, though exact height will depend on planned usage and design regulations. RLDA officials see this as part of a broader initiative to monetise open railway land across Mumbai, including plots at Parel and Bandra (East), which together span 19.57 acres and are projected to generate over ₹8,000 crore in non-fare revenue.
At Parel, a 23,047 sq.m plot in Supari Baug Colony with FSI of 4.05 carries a base price of ₹1,734 crore. Bandra (East) land, measuring 45,371 sq.m with FSI 4, is priced at ₹5,316 crore for a 99-year lease. These initiatives highlight Indian Railways’ effort to leverage prime urban land sustainably while integrating metro-oriented development to minimise congestion and environmental impact. Urban planners note that the combination of high FSI and TOD policies can reshape Mumbai’s skyline responsibly if paired with robust sustainability standards, including green building norms, efficient public transport access, and equitable housing provisions. The Mahalaxmi land auction underscores the potential for strategic urban planning to deliver high-density, eco-friendly developments aligned with city growth objectives.
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