The Maharashtra State Road Development Corporation (MSRDC) will construct a new headquarters, MSRDC Bhavan, on the 24-acre Bandra Reclamation plot, previously used as a camp office and casting yard. The redevelopment contract was awarded to Adani Realty in February under a revenue-sharing arrangement, officials said.

“It is a joint development project and the first phase will take about five years. We will operate from Kohinoor Square mall until then,” said MSRDC managing director Anil Gaikwad. Environmental clearances for the project are already in place.

Adani Realty was selected as the preferred bidder by offering 22.79 per cent revenue to MSRDC, surpassing Larsen & Toubro’s 18 per cent offer, despite L&T having a stronger net worth of Rs 4.8 trillion compared to Adani’s Rs 2.9 trillion.

The Bandra plot has a potential development area of 4.5 million square feet and is valued at around Rs 300 billion, according to sources.

MSRDC, formed in the 1990s, initially operated from a camp office at Priyadarshini Park along Napean Sea Road, while the Bandra plot served as the site office for the Bandra-Worli Sea Link. The office was meant to be demolished after the sea link’s completion nearly 15 years ago, but MSRDC continued using the plot for temporary offices and casting yards, activist Zoru Bathena noted.