Adani Group Bags Big! Takes Rs. 36,000 crore Motilal Nagar Redevelopment Deal

According to a PTI report, Gautam Adani's business has won the Rs. 36,000 crore contract to revamp Motilal Nagar in Goregaon, Mumbai.

After the 17-acre property in Bandra Reclamation, the Dharavi slum cluster redevelopment project, and now the Motilal Nagar cluster in Mumbai's Goregaon, this will be the Adani Group's third significant acquisition.

Located in the western neighborhood of Goregaon West, Motilal Nagar is one of Mumbai's largest housing reconstruction projects, spanning 143 acres. Adani Properties (APPL) was the top bidder, offering more built-up land than its closest competitor, L&T, according to the PTI report.

According to the report, a letter of allocation (LoA) would be sent out when the time is right. The Maharashtra Housing and Area Development Authority (MHADA) was granted permission by the Bombay High Court (HC) last week to reconstruct Motilal Nagar employing a construction and development agency (C&DA).

According to its economic viability and capabilities, the Maharashtra government had designated it a "special project," with MHADA maintaining authority over it but working through a C&DA in the event that the work lacked the requisite potential.

The PTI article estimates that Motilal Nagar will require renovation at a total cost of about Rs. 36,000 crore, with a seven-year rehabilitation time from the project start date.

According to the terms of the Motilal Nagar redevelopment tender, C&DA is required to supply a housing stock totaling 3.83 lakh square meters. By agreeing to give MHADA 3.97 lakh sq meters, APPL won the offer.

The report added that the other qualified bidder, L&T quoted 2.6 lakh sq mt.