In order to redevelop one of the largest housing projects in Mumbai which is estimated at Rs 36,000 crore ($4.1 billion), Billionaire Gautam Adani’s real estate unit has emerged as the top bidder as per the information provided by the people known to the development.
Adani Properties Bags Largest Housing Project In Mumbai
Yess! We are talking about Adani Properties Pvt Ltd which is an unlisted unit of port-to-power conglomerate Adani Group.
This company has offered the highest price for the Motilal Nagar Development Project in the western suburb of Goregaon.
Hence become the so-called “H1 bidder,” said the two people on the condition of anonymity.
Letter of Intent to Adani Properties
Moving ahead, the confirmed that the Maharashtra state government will shortly issue a Letter of Intent to Adani Properties, formally declaring it as the winner.
So far, the spokesperson for the Adani Group has declined to comment.
Similarly, the Maharashtra Housing and Area Development Authority also refrained from commenting on this subject.
From the project commencement date, the rehabilitation period for existing residents is seven years for Motilal Nagar I, II & III which covers 143 acres (57.87 hectares), according to the sources.
Further adding that Adani Properties offered to hand over 3.97 million square meters against the base requirement of 3.83 million square meters under the Maharashtra state’s tender conditions.
Interestingly there is a big difference in the offered prices where its rival Larsen & Toubro Ltd offered 2.6 million square meters, noted the sources.
After this public declaration, Adani Properties will be wholly responsible for the entire redevelopment process.
This redevelopment includes design, approvals, construction, infrastructure development, and rehabilitation of 3,372 residential units, 328 commercial units and 1,600 slum tenements, as per the sources.
This latest deal is the second major win for the Adani Group and this is also part of the redevelopment of Mumbai’s Dharavi slum area which is also the largest in Asia.
In the meantime, Adani Green Soars 5% After Big Research Firm Calls It ‘Outperform’; Target Set at Rs. 1,200 Shares of Adani Green Energy Ltd. (AGEL) surged up to 5% on Thursday, March 13.
This has happened after Macquarie Equity Research initiated an ‘outperform’ rating, signaling strong growth potential.
