Adani Group wins Rs 36,000 crore Motital Nagar redevelopment project in Mumbai
NEW DELHI: After the Dharavi slum redevelopment project, billionaire Gautam Adani's group has emerged as the highest bidder for the Rs 36,000 crore redevelopment of Motilal Nagar in Mumbai, sources said. Motilal Nagar I, II & III is one of Mumbai's biggest housing redevelopment projects, covering 143 acres in western suburb of Goregaon (W)
Adani Properties Pvt Ltd (APPL) emerged as the highest bidder, offering more built-up area than its nearest rival, L&T, sources aware of the matter said. ..
Letter of Allotment (LoA) will be issued in due course.
This will be the second mega redevelopment project of Adani Group in Mumbai. It is already redeveloping Dharavi, one of Asia's largest slums in Mumbai.
Adani Group did not offer any comments on the story.
The Mumbai High Court last week gave Maharashtra Housing and Area Development Authority (MHADA) a go-ahead to redevelop Motilal Nagar through a construction and development agency (C&DA).
The state government has declared it as a 'special project', with MHADA retaining control over it but working through a C&DA in absence of the necessary potential to accomplish the work, based on economic viability and its capability.
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