Adani Group-MHADA redevelopment project in Mumbai to cost Rs 1 lakh crore

Billionaire Gautam Adani-led Adani Group is expected to invest as much as Rs 1 lakh crore to redevelop Motilal Nagar in Mumbai’s Goregaon West. The Maharashtra Housing and Area Development Authority (MHADA) on April 17 released a master plan for project spanning 143 acres.

Adani Realty, which emerged as the successful bidder, is executing the project under the construction and development agency model. The project, which includes both the rehabilitation and free-sale segments, is likely to need an investment of up to Rs 1 lakh crore, MHADA CEO and Vice-President Sanjeev Jaiswal said. The rehabilitation phase is anticipated to be finished within the coming seven years.

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The Motilal Nagar Redevelopment Project is expected to generate around 28 lakh square metres of built-up area. Out of this, more than 10.5 lakh square metres must be allocated to the existing residents and the Maharashtra Housing and Area Development Authority (MHADA).

As per the updated master plan, 3,702 eligible residents will be provided complimentary rehabilitation flats with a carpet area of 1,600 sq ft each, while 328 qualified commercial occupants will be allotted units of 987 sq ft. Additionally, about 1,600 slum dwellers will be resettled in homes measuring 300 sq ft. MHADA will also acquire a significant inventory of housing units through the project.

Estatevue Developers, a construction and development company owned by the Adani Group, will receive a free-sale allocation of 17 lakh square metres (1.82 crore square feet), which it can sell on the open market, Jaiswal said.

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Adani Group is also involved in the redevelopment of Mumbai’s Dharavi, India’s biggest slum.

The ports-to-power conglomerate’s bid for acquisition of beleaguered Jaiprakash Associates Ltd was approved by the Committee of Creditors last year. Anil Aggarwal-led mining giant Vedanta moved the Supreme Court alleging lack of transparency during bidding process. The apex court refused to stay the implementation of the resolution process.