Adani Group wins Motilal Nagar redevelopment project of Mumbai, estimated to be ₹36,000 crore
Adani Group has won the massive ₹36,000 crore redevelopment project for Motilal Nagar in Mumbai. This is the second big-ticket urban redevelopment project after the Dharavi project that came the way of Adani Group. Bidding highest for the 143-acre area under the redevelopment plan cast in Goregaon West, the group debuted a major development plan.
Project Elements and Dimensions
Last week, the Bombay High Court cleared the way for redeveloping the area through the Construction and Development Agency (C&DA) under the Maharashtra Housing and Area Development Authority. Alongside this, Motilal Nagar was declared a special project under MHADA by the state government, though the work would be executed by a private agency.
The general redevelopment for this project would be Adani Properties Pvt Ltd, a part of the Adani Group, of Motilal Nagar I, II, and III. It comprises the rehabilitation of:
- 3,372 residential units
- 328 eligible commercial units
- 1,600 slum dwellings
In addition, illegal structures will be knocked down under the redevelopment activity. Adani Properties has proposed a built-up area of around 3.97 lakh square meters, and the Letter of Allotment (LoA) is expected to be issued shortly.
Adani Group’s Second Major Redevelopment Win
The project is a major urban redevelopment effort for Adani Group after becoming the highest bidder at ₹5,069 crore ($610 million) for the Dharavi slum redevelopment project. After ensuring the Motilal Nagar project, the company is securing its place in the city’s shifting real estate scene.
Despite the project’s size, residents have voiced concerns about its transparency. When approached by India Today, numerous residents claimed they were unaware of the private developer being brought on board by MHADA and stated they would protest should the process take place without transparency.
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