Motilal Nagar Redevelopment: 5 things to know about Adani Group’s latest acquisition in the Mumbai real estate market
Gautam Adani’s group has emerged as the highest bidder for the ₹36,000 crore redevelopment of Motilal Nagar in Mumbai’s Goregaon, a report by PTI has said.
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.
Here are five things you should know about the Motilal Redevelopment project.
1) One of the biggest housing redevelopment project
Motilal Nagar is one of Mumbai’s biggest housing redevelopment projects, covering 143 acres in the western suburb of Goregaon West. The project cost for the redevelopment is expected to be around ₹36,000 crore, a PTI report had said.
2) Larsen & Toubro (L&T) was also in the race
According to a PTI report, Adani Properties Pvt Ltd (APPL) emerged as the highest bidder, offering more built-up area than its closest competitor, L&T. APPL won the bid by agreeing to hand over 3.97 lakh sq meters to MHADA, surpassing its rival, which offered 2.6 lakh sq meters. The housing stock for the project is 3.83 lakh sq meters.
Also Read: After Dharavi, Adani Group wins ₹36,000 crore Motilal Nagar redevelopment project in Mumbai’s Goregaon: Report
3) Over 3,000 tenements to be rehabilitated
The Motilal Redevelopment 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, the report said.
Also Read: DLF’s Aakash Ohri says ‘careful, cautious, and confident’ about upcoming Mumbai project launch
4) Maharashtra government designates Motilal Redevelopment Project as ‘Special Project’ with MHADA in control
The Maharashtra government has designated the Motilal redevelopment project as a ‘special project,’ with MHADA retaining control to ensure the work is completed based on its economic viability and capabilities, according to a PTI report.
Also Read: Nearly 50% of Mumbai properties registered in 2024 smaller than 650 sq ft, 60% are 1 BHK and 2 BHK homes: MahaRERA data
5) Bombay High Court has approved MHADA as the construction agency
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). Apart from Motilal Nagar redevelopment, MHADA is also executing Abhyudaya Nagar redevelopment project, Patra Chawl redevelopment and BDD chawl redevelopment, the report said.
