Several leading real estate companies have entered the race for the redevelopment of three major housing clusters in Mumbai spread across more than 206 acres, with the participation of Reliance Four IR Realty Development Limited drawing particular attention.
The Mumbai Board of the Maharashtra Housing and Area Development Authority (MHADA) has invited bids for the cluster redevelopment of Sardar Vallabhbhai Patel (SVP) Nagar in Andheri West, Bandra Reclamation in Bandra and Adarsh Nagar in Worli. Technical bids for the projects were opened on Wednesday.
The Bandra Reclamation redevelopment project, spanning 98.27 acres, has attracted bids from Lodha Developers Limited, Adani Properties Private Limited and JSW Realty & Infrastructure Private Limited. The same three companies have also submitted technical bids for the 34.33-acre Adarsh Nagar project in Worli.
For the 73.89-acre SVP Nagar redevelopment project in Andheri West, Reliance Four IR Realty Development Limited, Adani Properties Private Limited and Hanura Realty Private Limited have submitted bids.
The competition among major developers for the Bandra Reclamation project is expected to be closely watched, particularly between Lodha, Adani and JSW Realty. Officials said developers would be evaluated on the basis of financial capability, previous project experience and other technical eligibility conditions before the next stage of the bidding process.
After the scrutiny of technical bids is completed, financial bids submitted by eligible companies will be opened. The developer offering the most competitive proposal will then be selected for the redevelopment work.
Under all three cluster redevelopment projects, developers will provide rent compensation to residents during the construction period until possession of the new homes is handed over. Eligible residents will also receive corpus funds as part of the rehabilitation package.
MHADA is currently undertaking 11 major redevelopment projects across Mumbai under its Construction and Development Scheme, covering nearly 925 acres. According to officials, these projects are expected to provide larger homes and improved living conditions to around 80,747 residents across the city.
Source: Pudhari
