Bengaluru: Adani Properties, real estate company Adani Group, on Monday signed an agreement with the state agency Maharashtra Housing and Area Development Authority (MHADA) for the reconstruction of Motilal Nagar in the suburban Goregaon Mumbai (West).
Mhada appointed ADANI group company as an agency for construction and development (C&D) to introduce the recovery of the Nagar 1, 2 and 3 colonies.
In March, Adani Properties appeared as the highest applicant for £The 36,000 Crore project, which extends to 142 acres in the city, exceeds L&T Realty. The project will be the second highest project Adani after the Mega Dharavi Slum project in Mumbai.
The Dharavi project is developed by Navbharat Mega Developers PVT. LTD (NMDPL), a special purpose vehicle created as a common enterprise between the Maharashtra government and the Adani group.
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“The long -term dream of Motilal Nagar now has a specific form. Our goal is to make this best remediation project in the country and ensures transparency, quality and social commitment through the implementation of Mhada,” said Mhada, CEO and Sanjeev CEO Jaiswal.
The ADANI, director of Adani Properties, was also present at the ceremonial signature of the agreement.
The Motilal Nagar Mhada colony will be the largest project of remediation in the country that will be implemented through the construction and development model. This will include free rehabilitation of the population in 1,600 square flats. Through this reconstruction, Mhada said it would receive 397,100 square meters from developers Adani Properties. This will significantly strengthen the Mhada housing stock in the near future.
The project was declared a “special project” by the government of Maharashtra.
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The Motilal Nagar 1, 2 and 3 colonies currently contain 3,700 tenants. In addition, the tenants will be given 987 square m. Commercial space. The key function of the project will be five acro central park. The construction of rehabilitation units is expected to be completed within seven years.
The comprehensive main plan was developed by Mecanoo, an architectural company based in the Netherlands, while the infrastructure planning was carried out by Buro Happold, London.
In addition to the Mumbai Metropolitan Region (MMR), Adani Properties, which operates under the brand Adani Realty, real estate projects in Pune, Ahmedabad and Delhi-National Capital Region (NCR).
In April 2024, Mint informed that its project portfolio was more than 200 million square feet, and 130 million square feet were earmarked for potential future development. Since then, the company’s portfolio has spread rapidly.
While the company plans to combine housing, office and retail projects, it specializes in large format, often complex development led by residence.
The biggest development of the company is likely to be a massive project of a black quarter of 1,000 hectares in Navi Mumbai, where the conglomerate builds a new international airport.
“In the Motilal Nagar project, Adani Properties plans to carry out a large integrated development of mixed use, where the first phase will have residential development along with some retail retail,” said a person familiar with the development he did not want to be named.
The spokesman of Adani Properties did not answer questions.
(Tagstotranslate) Adani Properties (T) Mumbai (T) Goregaon
