Mumbai, 12th March 2025: Gautam Adani’s conglomerate has secured the top bid for the ₹36,000 crore redevelopment project of Motilal Nagar in Mumbai’s Goregaon. This marks the group’s third significant real estate acquisition in the city, following its involvement in the Dharavi slum redevelopment and the purchase of a 17-acre plot in Bandra Reclamation.
Motilal Nagar, spanning 143 acres in Goregaon West, is one of Mumbai’s largest housing redevelopment initiatives. Adani Properties Pvt Ltd (APPL) outbid its closest competitor, L&T, by offering a higher built-up area.
A Letter of Allotment (LoA) is expected to be issued soon. Last week, the Bombay High Court granted permission to the Maharashtra Housing and Area Development Authority (MHADA) to carry out the redevelopment through a designated construction and development agency (C&DA).
The Maharashtra government had classified Motilal Nagar as a ‘special project,’ allowing MHADA to oversee it while engaging a C&DA due to financial and operational constraints in executing the project independently.
The redevelopment is estimated to cost around ₹36,000 crore, with a planned rehabilitation period of seven years from the project’s commencement.
As per the tender specifications, the C&DA is required to provide 3.83 lakh square meters of housing stock. APPL secured the project by committing to deliver 3.97 lakh square meters to MHADA, surpassing L&T’s offer of 2.6 lakh square meters.
The project aims to rehabilitate 3,372 eligible residential units under MHADA, 328 commercial establishments, and 1,600 slum dwellings in accordance with the 1971 Slum Act.
Meanwhile, SVR Srinivas, CEO of the Dharavi Redevelopment Project, stated on February 27 that the master plan for Dharavi’s redevelopment is expected to be finalized within a month, with the tenement survey set to conclude in the coming months.
Srinivas further revealed that the estimated investment for the Dharavi redevelopment and rehabilitation initiative is projected to be approximately ₹3 lakh crore.
