Adani to invest Rs 1 lakh crore to redevelop Motilal Nagar in Goregaon

The Adani Group is expected to invest Rs 1 lakh crore to redevelop Motilal Nagar in Mumbai’s Goregaon West, according to a master plan for the 143-acre project released by the Maharashtra Housing and Area Development Authority (MHADA).

Adani Realty, which has emerged as the successful bidder, will execute the project under the construction and development agency model. The project, which includes both rehabilitation and free-sale segments, is likely to require an investment of up to Rs 1 lakh crore, MHADA CEO and Vice-President Sanjeev Jaiswal said. The rehabilitation phase is anticipated to be finished within the coming seven years.

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The Motilal Nagar Redevelopment Project is expected to generate around 28 lakh square metres of built-up area. Out of this, more than 10.5 lakh square metres must be allocated to the existing residents.

As per the updated master plan, 3,702 eligible residents will be provided complimentary rehabilitation flats with a carpet area of 1,600 square feet each, while 328 qualified commercial occupants will be allotted units of 987 square feet. Additionally, about 1,600 slum dwellers will be resettled in homes measuring 300 square feet. MHADA will also acquire a significant inventory of housing units through the project.

Jaiswal also stated that Estatevue Developers, a construction and development company owned by the Adani Group, will receive a free-sale allocation of 17 lakh square metres (1.82 crore square feet), which it can sell on the open market.

Significantly, the Adani Group is also involved in the redevelopment of Mumbai’s Dharavi, which is India’s biggest slum.