Motilal Nagar I, II & III is one of Mumbai’s biggest housing redevelopment projects, covering 143 acres in the western suburb of Goregaon West. This will be the second mega redevelopment project of Adani Group in Mumbai.
After securing the massive Dharavi slum redevelopment project, billionaire Gautam Adani’s group is now set to take on another ambitious urban transformation. The Adani Group has emerged as the highest bidder for the Rs 36,000 crore redevelopment of Motilal Nagar in Mumbai, news agency PTI reported citing sources.
Motilal Nagar I, II, and III, located in the western suburb of Goregaon (West), is one of Mumbai’s largest housing redevelopment projects, spanning a vast 143 acres. The project is expected to transform the aging residential clusters into modern housing and infrastructure, while significantly upgrading the standard of living for thousands of residents.
Letter of Allotment to be issued soon
Adani Properties Pvt Ltd (APPL) emerged as the highest bidder, offering more built-up area than its nearest rival, L&T, sources aware of the matter said. The ‘Letter of Allotment’ (LoA) will be issued in due course. This will be the second mega redevelopment project of Adani Group in Mumbai. It is already redeveloping Dharavi, one of Asia’s largest slums in Mumbai.
The total estimated redevelopment cost of Motilal Nagar is around Rs 36,000 crore, and the rehabilitation period is seven years from the project start/commencement date. As per the tender conditions for Motilal Nagar redevelopment, C&DA must give a housing stock of 3.83 lakh square meters.
MHADA retains full control over project
APPL won the bid by agreeing to hand over 3.97 lakh sq mt to MHADA. The other qualified bidder, L&T quoted the figure of 2.6 lakh sq mt. MHADA retains full control over the project, including ownership of the land. It tendered for the redevelopment due to its own financial and technical limitations in handling such a large-scale redevelopment.
The project will rehabilitate 3,372 residential units eligible under MHADA, 328 eligible commercial units and 1,600 eligible slum tenements as per the 1971 Slum Act. Last week, the Bombay High Court’s division bench comprising Chief Justice Alok Aradhe and Justice Bharati Dangre upheld MHADA’s decision to carry out redevelopment through C&DA for integrated development of the whole layout.
(With PTI inputs)
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