Adani Realty is preparing to strengthen its presence in Mumbai’s premium housing market with the planned launch of two major residential projects in Goregaon West and Bandra Reclamation, according to people familiar with the developments.
The developer is planning to launch the first 5-6 acres of a cluster redevelopment project in Goregaon West, which is expected to comprise around 1,300-1,400 homes. The majority of the apartments will be two- and three-bedroom residences, with prices expected to be around Rs 34,000 – Rs 35,000 per sq ft.
At the luxury end of the market, Adani Realty is also preparing its much-anticipated Bandra Reclamation project, which will reportedly be marketed on an invitation-only basis. The first phase is planned across approximately five acres, featuring around 140 residences of nearly 5,000 sq ft each, priced at about Rs 1.2 lakh per sq ft.
The project is also expected to include customisable penthouses ranging from 10,000 sq ft to 20,000 sq ft, along with a branded club.
“Both projects are in their last leg of approvals. There are a lot of enquiries for the Bandra project even before launch, mostly from domestic HNIs (high net-worth individuals). Some site-level work has already started at the location,” said one of the people, requesting not to be named.
Expanding Mumbai Land Portfolio
Adani Properties was appointed by MHADA last year to redevelop Motilal Nagar in Goregaon West, after emerging as the highest bidder for the Rs 36,000-crore project. The 142-acre redevelopment was won after the company outbid L&T Realty.
“We will start construction for the rehabilitation component for Motilal Nagar this year. It is Mhada’s largest and first ever redevelopment project under its Construction and Development Agency model,” said an Adani Realty spokesperson.
The company is also developing the Dharavi redevelopment project and has assembled additional land holdings across Mumbai and Navi Mumbai for future projects.
“For large, established developers, project launches in Mumbai are doing well. Luxury project launches, where homes are priced above Rs 20-30 crore, are doing extremely well. Around half a dozen developers in Mumbai, including Adani Realty, Hiranandani, Lodha, Raheja, Oberoi Realty, Godrej Properties, have strong brand pull and the ability to sell,” said Anuj Puri, chairman, Anarock Group.
Source: Mint
