The Adani Group on Wednesday won the Rs 36,000 crore redevelopment project in Mumbai’s Motilal Nagar, emerging as the highest bidder. This is the Adani Group’s second major redevelopment project after the Dharavi redevelopment project.
This comes a week after the Bombay High Court allowed the Maharashtra Housing and Area Development Authority (MHADA) to develop Motilal Nagar through the Construction and Development Agency (C&DA).
Adani Properties Pvt Ltd, a subsidiary of the Adani Group, is involved in a 143-acre residential redevelopment project at Motilal Nagar I, II and III in Goregaon West, Mumbai. Adani Properties offered a built-up area of 3.97 lakh sq m. After winning the bid, the letter of allotment (LoA) is expected to be issued soon.
Bombay High Court gives approval
Last week, the Bombay High Court allowed MHADA to develop Motilal Nagar through the Construction and Development Agency (C&DA). The state government then declared it a special project under MHADA’s jurisdiction, although the work will be done through an agency. Under the project, MHADA will develop 3,372 residential units, 328 eligible commercial units and rehabilitate 1,600 eligible slums, while illegal structures will be demolished.
Adani Group’s second major redevelopment project
The Adani Group has emerged as the highest bidder for the Rs 36,000 crore Motilal Nagar redevelopment project, its second major redevelopment initiative after the Dharavi project. It is worth noting that Indian billionaire Gautam Adani won the Dharavi slum redevelopment project by bidding $610 million, after which Adani Properties was formed. Now the company has secured its second major redevelopment project.