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The Adani Group has reportedly emerged as the highest bidder for the INR 36,000 crore redevelopment project of Motilal Nagar, situated in Goregaon West, Mumbai. This marks the conglomerate's third significant acquisition in Mumbai's real estate sector, following its involvement in the Dharavi slum redevelopment project and the purchase of a 17-acre plot in Bandra Reclamation. As per reports, Adani Properties Pvt Ltd (APPL) surpassed its closest competitor, L&T, by offering a higher built-up area. The redevelopment project, spanning 143 acres, has been designated a 'special project' by the Maharashtra government, with MHADA retaining control over the project and the land but working through a Construction and Development Agency (C&DA).
Gautam Adani's conglomerate has reportedly secured the highest bid for the INR 36,000 crore redevelopment project of Motilal Nagar, located in Mumbai's Goregaon West. This project stands as the Adani Group's third major acquisition in Mumbai's redevelopment sector, following its earlier successes with the Dharavi slum cluster redevelopment and the 17-acre land acquisition at Bandra Reclamation. Advertisement
Motilal Nagar is recognised as one of Mumbai's largest housing redevelopment schemes, encompassing an expansive 143 acres in Goregaon West. As per a report by PTI, Adani Properties Pvt Ltd (APPL) emerged as the highest bidder, having proposed a larger built-up area in comparison to its nearest competitor, L&T.
Under the terms of the tender, the selected C&DA is required to provide a housing stock of 3.83 lakh square metres. APPL secured the bid by committing to hand over 3.97 lakh square metres to MHADA, significantly outpacing L&T's offer of 2.6 lakh square metres.
The report further mentioned that a Letter of Allotment (LoA) is expected to be issued in due course. Earlier this week, the Bombay High Court granted permission to the Maharashtra Housing and Area Development Authority (MHADA) to proceed with the redevelopment of Motilal Nagar by engaging a Construction and Development Agency (C&DA).
According to PTI's report, the overall redevelopment of Motilal Nagar is estimated to cost around INR 36,000 crore, with a rehabilitation timeline extending over seven years from the commencement of the project. The project aims to rehabilitate 3,372 eligible residential units under MHADA, 328 eligible commercial units, and 1,600 slum tenements in accordance with the 1971 Slum Act.
The Maharashtra government had previously designated Motilal Nagar as a 'special project'. While MHADA retains overarching control of the initiative, it opted to collaborate with a C&DA due to its own financial and technical constraints in executing such a large-scale redevelopment project based on economic viability and capability.
MHADA retains full control, including land ownership, while engaging a private developer under strict conditions. These stipulate that the developer cannot mortgage the land, raise finances on it, or sell or transfer rights without MHADA's prior consent. This framework is intended to protect residents, including slum dwellers, and to prevent the potential misuse of redevelopment rights.
The selected C&DA will assume full responsibility for all aspects of redevelopment, including design, obtaining necessary approvals, construction, infrastructure development, and the rehabilitation process. Sources revealed that the project's objective is to eliminate illegal constructions and to create a planned, well-integrated residential community through holistic redevelopment.
Adani Group, which also spearheads the Dharavi Redevelopment Project Pvt Ltd-renamed Navbharat Mega Developers Pvt Ltd-holds an 80% stake in that project, with the remainder belonging to the state government. Under the Dharavi initiative, Adani reportedly plans to transform 620 acres of land into a modern urban hub. The project aims to provide eligible residents with flats of up to 350 square feet, free of cost, as part of a USD 3 billion redevelopment effort intended to convert the slum into a 'world-class' district.
A similar transformation is envisioned for Motilal Nagar, where modern apartments will replace existing structures. According to the Bombay High Court, only an integrated redevelopment approach can offer long-term solutions to challenges such as flooding and waterlogging, which would not be adequately addressed through piecemeal redevelopment of separate parcels of land. The court remarked that individual cooperative societies tend to focus solely on their own interests, which could lead to fragmented and commercially driven developments, rather than orderly and comprehensive urban planning.
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