Gautam Adani’s real estate arm, Adani Properties Pvt Ltd, has been identified as the biggest player interested in the redevelopment of one of Mumbai’s largest housing projects. Motilal Nagar Development Project in Goregaon is valued at approximately $4.1 billion (INR 360 billion) and Adani will be officially named the winner soon after the Letter of Intent is issued by the Maharashtra state government. Adani Properties, an unlisted subsidiary of the Adani Group, outbid its competitors, including Larsen & Toubro Ltd, to emerge as the preferred bidder or ‘H1 bidder’. The ambitious redevelopment spreads over 143 acres (57.87 hectares) and will entail the rehabilitation of 3,372 residential units, 328 commercial units and 1,600 slum tenements. It will include design, approvals, construction of the entire process, infrastructure development and resident rehabilitation. The Maharashtra Housing and Area Development Authority has not issued any comment on the matter and a spokesperson for the Adani Group refused to elaborate. The rehabilitation phase of the project is expected to span seven years from the commencement date of Motilal Nagar I, II & III.
Adani Set to Secure Mumbai’s Housing Redevelopment Project
