After winning the Dharavi redevelopment project and the 17-acre land in Bandra Reclamation, the Adani Group won the bid of Rs 36,000 crore redevelopment of Motilal Nagar in the Goregaon region of Mumbai, reported PTI. This will be the third major acquisition made by the Adani Group.
Motilal Nagar is one of the biggest housing redevelopment projects of Mumbai. It spans 143 acres in the western suburbs of Goregaon. Adani Properties Pvt Ltd (APPL) was the highest bidder, as reported by PTI.
The report also stated that a letter of allocation (LoA) will be sent out when the time is right. Last week, the Maharashtra Housing and Area Development Authority (MHADA) received approval from the Bombay High Court (HC) to reconstruct Motilal Nagar, employing a construction and development agency (C&DA).
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The state government of Maharashtra had announced a special project with the MHADA gaining control over it, but working through a C&DA in the absence of the necessary potential to get the work done based on its economic viability and capability.
The estimated cost of redeveloping the Motilal Nagar is Rs 36,000 crore. The rehabilitation period will be seven years, starting from the first day of construction, reported PTI.
Tender conditions for the redevelopment of Motilal Nagar state that the housing stock of 3.83 lakh sq meters must be provided by C&DA. APPL agreed to hand over 3.97 lakh sq meters to MHADA and won the bid.
The report states that 3,372 eligible residential units under the MHADA, 328 suitable commercial units, and 1,600 eligible slum tenements under the 1971 Slum Act will all be rehabilitated as part of the project.