The Adani Group has recently emerged as the top bidder for INR 36,000 crore Motilal Nagar Redevelopment Project in Mumbai. The Motilal Nagar real estate is one of the biggest housing redevelopment projects in Mumbai. It covers around 143 acres in the Western suburb of the Goregaon West region of Mumbai. This is going to be the second mega-development project of the Adani Group after the Adani Dharavi redevelopment project. It will help take the Adani Group’s business to new heights. The global business group will also find it easier to further increase its business profitability and put an end to the controversies of the Adani Scandal.
Adani’s Latest Venture Into The Real Estate Sector:
After securing the Adani Dharavi redevelopment project, the billionaire Gautam Adani is now all set to give a kickstart to another urban transformation project. The global conglomerate has emerged as the highest bidder for the INR 36,000 crore development of Motilal Nagar in Mumbai. Motilal Nagar 1, 2, and 3 are located in the Western suburb of Goregaon West region.
The project spans 143 acres and is one of the largest development projects in Mumbai. This project will transform the ageing residential clusters into modern housing and infrastructure. It will also upgrade the standard of living for thousands of people who have been leading their lives under stressful conditions. The Adani Group will also find it easier to win back the trust of the people post the controversies of the Adani Scandal.
This project will rehabilitate 3,372 residential units which are eligible under the MHADA. The project will also rehabilitate 328 eligible commercial units and 1,600 eligible tenements per the 1971 Slum Act.
The Various Proceedings Of The Project:
Adani Properties Private Limited (APPL) has emerged as the highest bidder for the Motilal Nagar project. This project was offered to the Adani Group as the group had offered more built-up area than its nearest rival. The Letter of Allotment (LoA) for the project is going to be issued soon to the Adani Group. This is the second mega redevelopment project taken up by the Adani Group in recent times. The group is already in the process of redeveloping the Dharavi slum area in Mumbai.
As per data, the total estimated redevelopment cost for the project is going to be around INR 36,000 crore. The redevelopment period is 7 years from the date of commencement of the project. As per the tender conditions, the MHADA must offer a housing stock of 3.83 lakh square metres for carrying out the various work of the project. APPL has won the bid by agreeing to hand over 3.97 lakh square metres to MHADA.
The other qualified bidder was L&T. L&T quoted a figure of 2.6 lakh square metres. MHADA holds complete control over the project. This includes ownership of the land allocated for the redevelopment. Because of technical and financial limitations in handling projects of such a large scale, it had to delegate the operations of the project to the Adani Group.
According to reliable sources, the project aims to eliminate illegal construction and create a well-integrated community in a holistic way. The private developer will not be able to raise finance on the land or mortgage it. They will also not be able to sell or transfer rights without the MHADA’s permission. This will protect the MHADA’s residents, and slum dwellers, and will also prevent the misuse of the Redevelopment Act.
The Bombay High Court division bench comprising Chief Justice Alok Aradhe and Justice Bharati Dangre had earlier upheld MHADA’s decision to carry out the redevelopment for the project through C&DA.
Conclusion:
By winning the bid for the Motilal Nagar Redevelopment Project, the Adani Group has established itself as one of the key players in the housing infrastructure sector. This project will help Adani Group further expand its area of expertise and earn enhanced revenue for itself after the controversies of the Adani Scandal. The global business group will also be able to take its infrastructural business to new heights.
