The Adani Group has entered the race for three large-scale redevelopment projects managed by the Maharashtra Housing and Area Development Authority (MHADA) in Worli, Bandra Reclamation and Andheri West. MHADA’s Mumbai Board has opened the technical bids, with financial proposals to be examined after the initial scrutiny is completed.
The projects cover Adarsh Nagar in Worli, Bandra Reclamation and Sardar Vallabhbhai Patel (SVP) Nagar in Andheri West. The state government’s high-level committee had approved the proposals before MHADA issued separate tenders in April.
Adani faces competition from Lodha Group and JSW Group for the Worli and Bandra Reclamation projects. For SVP Nagar in Andheri West, its rivals include Reliance and Hanera Group. MHADA officials said the submitted technical documents would be evaluated before the financial bids are opened, which will help determine the final developers.
The authority is pursuing redevelopment through the Construction and Development Agency (C&D) model, also being used for the Motilal Nagar project in Goregaon. Under this arrangement, an appointed private developer undertakes construction, provides rehabilitation homes to eligible residents and develops additional housing for sale.
The three projects could provide improved homes to thousands of existing residents. At Adarsh Nagar, around 863 flat holders are expected to receive homes measuring between 800 and 2,500 square feet. Bandra Reclamation is expected to accommodate more than 4,000 flat holders, with proposed homes ranging from 924 to 2,350 square feet.
At SVP Nagar, 4,671 flat holders are covered by the redevelopment plan, with homes expected to measure between 686 and 2,280 square feet.
The projects are also expected to create additional housing stock for MHADA lottery schemes and generate more than Rs 5,000 crore in revenue, according to officials.
Adani already has a significant redevelopment presence in Mumbai, including the Dharavi project, the 142-acre Motilal Nagar redevelopment and work involving the MSRDC headquarters and surrounding land at Bandra Reclamation.
The upcoming financial bid evaluation will be crucial in deciding the successful developers. The outcome could accelerate the renewal of ageing housing colonies and expand Mumbai’s supply of modern residential properties.
Source: Naya Maharashtra
