MUMBAI, July 6 -- The Mumbai Port Authority (MbPA) has put up a prime land parcel and the century-old Railway Manager Building in Ballard Estate for a 30-year lease, seeking to earn more than Rs.15.43 crore annually from one of south Mumbai's most sought-after commercial precincts. Inviting bids through a tendering process, the MbPA has offered the property on an "as is where is" basis, with no provision for renewal at the end of the lease period. Spread across 2,050.74 sq m, the property includes the historic Railway Manager Building, a ground-plus-two-storey structure with a built-up area of around 2,928 sq m. Built in 1917-18, the over 100-year-old building may require repairs and structural strengthening, the cost of which will have to be borne entirely by the successful lessee. According to the Request for Proposal (RFP), the property has been earmarked for commercial use under the Development Control Regulations, 1991. The MbPA is the Special Planning Authority for Ballard Estate. The authority has stated that the existing Floor Space Index (FSI) utilised on the plot is 1.427. While no construction beyond the permissible FSI will be allowed other than repairs and structural strengthening of the existing building, bidders can avail of additional FSI up to the permissible limit after obtaining MbPA's approval and paying the prescribed premium. As per the RFP, the reserve lease rent has been fixed at Rs.1,213.08 per sq m per month for the first year, translating to a monthly rent of Rs.8.52 crore. The lease rent will increase by 2% every year over the remaining 29 years. The highest bidder will be awarded the property for the full 30-year term. The latest offering comes months after the MbPA, in August 2025, invited bids to lease 28 plots spanning more than 217 acres across Mumbai's eastern waterfront and Alibaug for commercial and industrial use, with the aim of raising over Rs.800 crore. Those properties are located in Wadala, Sewree, Reay Road, P'Dmello Road, Colaba, Fort, Mazgaon, Sassoon Dock, Mallet Bunder and near Thal Beach in Alibaug....