Adani Group on Wednesday won the Rs 36,000 crore redevelopment project at Mumbai’s Motilal Nagar, emerging as the highest bidder. This is the second major redevelopment project for the Adani Group after the Dharavi redevelopment project.
This came a week after the Bombay High Court gave the Maharashtra Housing and Area Development Authority (MHADA) the go-ahead 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 the 143-acre housing redevelopment project at Motilal Nagar I, II, and III in Goregaon West, Mumbai. Adani Properties offered a built-up area of 3.97 lakh square meters. Following the bid win, the Letter of Allotment (LoA) is expected to be issued soon.
Last week, the Bombay High Court permitted MHADA to develop Motilal Nagar through the Construction and Development Agency (C&DA). Subsequently, the state government declared it a special project under MHADA’s jurisdiction, although the work will be carried out through an agency. Under the project, MHADA will rehabilitate 3,372 residential units, 328 eligible commercial units, and 1,600 eligible slum dwellings, while illegal structures will be removed.
Adani Group has emerged as the highest bidder for the Rs 36,000 crore Motilal Nagar redevelopment project, marking its second major redevelopment initiative after the Dharavi project. Notably, Indian billionaire Gautam Adani won the Dharavi slum redevelopment project with a $610 million bid, leading to the formation of Adani Properties. Now, the company has secured its second major redevelopment project.
When India Today visited the Motilal Nagar site, local residents expressed concerns about transparency, saying they were unaware that MHADA had brought in a private developer. They said they would protest if the project lacked transparency.
Reacting to Adani Group winning the project, Shiv Sena (UBT) MLA Aaditya Thackeray said, “There should be transparency in the project. If there are shortcomings, we will raise the issue. Like they say, ‘Sabka malik ek,’ now we can say, ‘Sabka developer ek.’”
Source: India Today