Billionaire Gautam Adani’s real estate unit has emerged as the highest bidder for redeveloping one of Mumbai’s largest housing projects, the Motilal Nagar Development Project, at an estimated cost of Rs 36,000 crore ($4.1 billion), according to sources familiar with the matter.
Adani Properties Pvt Ltd, which is part of the Adani group, placed the highest quote for the project located in the western suburb of Mumbai’s Goregaon. Adani Properties will now receive the Letter of Intent from the Maharashtra government as the “H1 bidder.”
The scheme covers the areas of Motilal Nagar I, II, and III and consists of 143 acres (57.87 hectares). Adani Properties quoted 3.97 million square meters under the Maharashtra government’s tender terms, which was above the base level requirement of 3.83 million square meters. The other contender, Larsen & Toubro Ltd, quoted 2.6 million square meters.
Adani Properties will oversee the entire process of redeveloping the site including planning, approvals, construction, infrastructural developments and the rehabilitation of 3,372 residential units, 328 commercial units and 1,600 slum dwellings. The process of rehabilitation for existing residents will be completed within seven years from the time the project is launched.
This landmark win further reinforces Adani Group’s presence in the real estate sector in Mumbai. The group is also involved with the redeveloping of the largest slum in Asia, Dharavi, further entrenching its role within the mega-scale urban renewal schemes.
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Source: Moneycontrol.
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