New Delhi:
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. 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).
Sources in the case said that Adani Group’s company Adani Property Private Limited (APPL) has emerged as the most bidding company for the project. It has offered a more manufactured area than its nearest rival L&T.
Allotment letter (LOA) to Adani Group for this project will be released within the stipulated time.
Adani Group is already redeveloping Dharavi, who is already involved in Asia’s largest slum settlements. The Dharavi Redevelopment Project Private Limited (now Navbharat Mega Developers Private Limited) holds 80 percent stake in Adani Group, while the remaining stake is with 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).
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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 there is no necessary capacity to complete the work.
According to sources, 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 is seven years from the start date of the project.
For Motilal Nagar redevelopment, C&DA will have to hand over a residential area of 38.3 lakh square meters under tender terms. The company of Adani Group has won the bid, expressing consent to hand over an area of 39.7 lakh square meters to MHADA.
(Disclaimer: New Delhi Television is a Subsidiya of Amg Media Networks Limited, an adani group company.)