Billionaire Gautam Adani’s Adani Properties Pvt Ltd (APPL) has emerged as the highest bidder for the ambitious $4.3 billion redevelopment project of Motilal Nagar in Mumbai, according to sources. This marks the Adani Group’s second mega-redevelopment project in Mumbai, following the ongoing redevelopment of Dharavi, one of Asia’s largest slums.

The sprawling Motilal Nagar project spans Motilal Nagar I, II, and III, covering 143 acres in Goregaon (West). The Maharashtra Housing and Area Development Authority (MHADA) will oversee the project, but it will be executed through a Construction and Development Agency (C&DA) due to MHADA’s financial and technical constraints.

Adani's Winning Bid Sources revealed that APPL outbid Larsen & Toubro (L&T) by offering more built-up area for redevelopment. While L&T quoted 2.6 lakh square meters of housing stock, Adani Group agreed to provide 3.97 lakh square meters to MHADA, exceeding the tender requirement of 3.83 lakh square meters.

Although the Adani Group declined to comment, the letter of allotment (LoA) for the project is expected to be issued soon.

MHADA's Control and Conditions MHADA retains complete control over the project, including ownership of the land. The selected developer, APPL, cannot mortgage the land, raise finances on it, or sell or transfer rights without MHADA’s approval. The authority has declared the Motilal Nagar redevelopment as a ‘special project’ to ensure protection for residents and prevent misuse of redevelopment rights.

The estimated rehabilitation period is set at seven years from the commencement of the project. According to the tender conditions, the selected C&DA will be responsible for the entire redevelopment process, including design, approvals, construction, infrastructure development, and rehabilitation.

A Planned Future for Motilal Nagar The project aims to eliminate illegal constructions and transform the area into a well-integrated, planned community.

“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,” said a source.

This multi-billion-dollar project is expected to significantly alter the housing landscape in Mumbai’s western suburbs, setting a new benchmark for large-scale redevelopment in the city.