After Dharavi, Adani Group wins ₹36,000 crore Motilal Nagar redevelopment project in Mumbai's Goregaon: Report
Gautam Adani’s group has emerged as the highest bidder for Motilal Nagar redevelopment project. This is one of Mumbai's biggest projects, covering 143 acres
Gautam Adani's group has emerged as the highest bidder for the ₹36,000 crore redevelopment of Motilal Nagar in Mumbai's Goregaon, according to a PTI report.
This will be the Adani Group's third major acquisition, following the Dharavi slum cluster redevelopment project, the 17-acre land in Bandra Reclamation, and now the Motilal Nagar cluster in Mumbai's Goregaon.
Motilal Nagar is one of Mumbai's biggest housing redevelopment projects, covering 143 acres in the western suburb of Goregaon West. According to the PTI report, Adani Properties Pvt Ltd (APPL) emerged as the highest bidder, offering more built-up area than its nearest rival, L&T.
The report added that a letter of Allotment (LoA) will be issued in due course. Last week, the Bombay High Court (HC) gave the Maharashtra Housing and Area Development Authority (MHADA) the go-ahead to redevelop Motilal Nagar through a construction and development agency (C&DA).
The Maharashtra government had declared it a 'special project,' with MHADA retaining control over it but working through a C&DA in the absence of the necessary potential to accomplish the work based on its economic viability and capability.
About the Motilal Nagar project
According to the PTI report, the total estimated redevelopment cost of Motilal Nagar is around ₹36,000 crore, and the rehabilitation period is seven years from the project start/commencement date.
As per tender conditions for Motilal Nagar redevelopment, C&DA must provide a housing stock of 3.83 lakh sq metres. APPL won the bid by agreeing to hand over 3.97 lakh sq meters to MHADA. The report added that the other qualified bidder, L&T quoted 2.6 lakh sq mt.
According to the report, the project will rehabilitate 3,372 eligible residential units under MHADA, 328 eligible commercial units, and 1,600 eligible slum tenements per the 1971 Slum Act.
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Dharavi redevelopment
SVR Srinivas, CEO of the Dharavi Redevelopment Project, said on February 27 that the master plan for the Dharavi redevelopment project is likely to be ready within a month, and the tenement survey is also expected to be completed in the coming months.
Srinivas told reporters that the estimated investment for the redevelopment and rehabilitation project was approximately ₹3 lakh crore.