The Adani Group is making headlines with its mammoth ₹1 lakh crore ($12 billion) plan to revitalize the Motilal Nagar colony in Goregaon, Western Suburbs of Mumbai – an announcement that will certainly change the cityscape forever. Approved by the Maharashtra Housing & Area Development Authority (MHADA), this huge undertaking comes as the second-largest urban development project in India, right next to Dharavi redevelopment.
The Saleable Component is Enormous
According to the recently released master plan, Adani Properties (through its subsidiary, Estatevue Developers) will be entitled to roughly 17 lakh sqm (or over 1.82 crore sq. ft.) of saleable areas. This “saleable component” gives the billionaire industrialist Gautam Adani’s company the liberty to construct luxury properties to be sold in the open market for profit recovery. MHADA CEO Sanjeev Jaiswal explained that although the first estimates for the infrastructure development and rehabilitation came to ₹36,000 crore, the overall expenditure would go up to ₹1 lakh crore.
This redevelopment project seeks to convert the existing colony into a contemporary mixed-use township. Project performance indicators will be:
Substantial Improvement: Each one of the 3,702 families that are eligible under this project will move out of cramped homes into spacious 1,600 square feet houses—an upgrade from their previous dwellings.
Mixed Development Design: This project encompasses 15 acres of landscaping, learning institutions, medical facilities, as well as a 15-minute city concept where all necessities are a walk away.
Density Expansion: The expected number of families to populate this town is expected to increase from the present 5,000 to about 25,000.
Strategic Advantage: With this victory, the Adani group will cement their dominance in the real estate market of Mumbai as it has now managed to get a stake in Motilal Nagar after acquiring the Dharavi and Bandra Reclamation projects, which encompass 625 and 24 acres, respectively.
Despite taking up construction and sale responsibilities, the land will still be owned by MHADA. Seven years will mark the completion period for the rehabilitation of the residents.
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