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Adani Group: The Adani Group associated with the Dharavi slum redevelopment project in Mumbai has now bid the highest bid of Rs 36,000 crore for the redevelopment of Motilal Nagar. Sources have given this information on Tuesday. Motilal Nagar-1, 2 and 3 Mumbai’s largest housing is one of the redevelopment projects. This suburban area is spread over 143 acres in Goregaon (West). Adani Properties Private Limited (APPL), a company of Adani Group, has emerged as the most bidding company for the project. It has offered a more manufactured area than its nearest rival L&T.
The allocation letter (LOA) to the Adani Group for this project will be released within the stipulated time. However, the Adani Group has not yet responded to this development. The Adani Group is already redeveloping Dharavi, who is already involved in Asia’s largest slum settlements. Adani Group holds 80 percent stake in the Dharavi Redevelopment Project Private Limited (now Navbharat Mega Developers Private Limited) while the rest of the stake is from the state government.
The Mumbai High Court had last week allowed the Maharashtra Housing and Area Development Authority (MHADA) to redevelop Motilal Nagar through a construction and development agency (C&DA). The state government has declared it a ‘special project’. MHADA has control over it, but he has decided to get the work done through C&DA if he does not have the necessary capacity to complete the work. The Adani group will try to convert Motilal Nagar into a modern flat area. The total estimated cost of redevelopment of Motilal Nagar is around Rs 36,000 crore, and the rehabilitation period project is seven years from the start/start date.
There is a provision to hand over a residential area of 3.83 lakh square meters to C&DA under tender terms for Motilal Nagar redevelopment. However, the company of the Adani Group has won the bid, expressing consent to hand over an area of 3.97 lakh square meters to MHADA.
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