The Adani Group, led by billionaire Gautam Adani, is slated to invest a substantial ₹1 lakh crore into the redevelopment of Motilal Nagar, a sprawling 143-acre area in Mumbai’s Goregaon West. This ambitious project, managed under a construction and development agency model by Adani Realty, follows the Maharashtra Housing and Area Development Authority (MHADA) releasing its master plan on April 17.
Project Scope and Investment
Sanjeev Jaiswal, CEO and Vice-President of MHADA, confirmed the projected investment, stating that the project encompasses both rehabilitation and free-sale segments. The rehabilitation phase is anticipated to conclude within the next seven years, marking a significant urban transformation for the area.
The Motilal Nagar redevelopment is expected to yield approximately 28 lakh square metres of built-up area. A substantial portion, over 10.5 lakh square metres, is earmarked for existing residents and MHADA itself.
Rehabilitation Details
- Eligible Residents: 3,702 eligible residents will receive complimentary rehabilitation flats, each with a carpet area of 1,600 sq ft.
- Commercial Occupants: 328 qualified commercial occupants are slated to receive units measuring 987 sq ft.
- Slum Dwellers: Around 1,600 slum dwellers will be resettled into homes of 300 sq ft.
MHADA is also set to acquire a significant inventory of housing units through the successful execution of this project.
Free-Sale Component
Estatevue Developers, an Adani Group construction and development entity, will receive a free-sale allocation of 17 lakh square metres (equivalent to 1.82 crore square feet). This substantial inventory can then be sold on the open market, providing a commercial return for the investment.
Broader Adani Urban Initiatives
This Motilal Nagar initiative is not the Adani Group's only major urban redevelopment venture in Mumbai. The conglomerate is also actively involved in the redevelopment of Dharavi, recognized as India's largest slum, underscoring its significant presence in large-scale urban infrastructure and housing projects across the city.