In what could be the largest building redevelopment plan in Mumbai, the state government has finalised bids for its ambitious project on the 95.80-acre Bandra Government Colony, a prime plot close to the railway station, the Western Express Highway and the commercial business district of Bandra Kurla Complex.

The state government has selected DB Realty, Pune-based Kakade Group and Ackruti City for executing the lucrative project estimated to cost Rs 2,400 crore. The plot has been trifurcated and the three developers will collectively redevelop 75 acres and hand it over to the government. DB Realty, Kakade Group and Ackruti City will pump Rs 620 crore, Rs 160 crore and Rs 420 crore respectively into the project and also pay an equal amount upfront to the government. The developers have estimated a Rs 4,000-crore profit after they develop the remaining 20-acre plot and sell it in the open market. This plot would be handed over to the developers on lease for 99 years.

Plans for redeveloping the government colony at Bandra East were approved by the Cabinet Committee on Infrastructure earlier this year.

Located in sprawling green enclaves, the 250-odd three-storey government residential quarters were built over 40 years ago. “These buildings will be demolished and families of 4,800 government employees in 300-sq-ft to 900-sq-ft flats will be housed in 500-sq-ft to 1000-sq-ft flats. The developers will have to build an additional thousand flats and hand them over to the government,” said Bipin Sankhe, chief architect, Public Works Department (PWD).

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