Adani Properties Signs Agreement with MHADA for Motilal Nagar Redevelopment
Adani Properties has signed an agreement with MHADA for the redevelopment of Motilal Nagar in suburban Mumbai. The project, worth ₹36,000 crores, is set to be the largest redevelopment project in the country.
Adani Properties, the real estate firm of Adani Group, has signed an agreement with state agency Maharashtra Housing and Area Development Authority (MHADA) for the redevelopment of Motilal Nagar in suburban Mumbai's Goregaon West. MHADA has appointed the Adani Group firm as the Construction and Development (C&D) agency for implementing the redevelopment of its Motilal Nagar 1, 2, and 3 colonies.
In March, Adani Properties emerged as the highest bidder for the ₹36,000-crore project that spans across 142 acres in the city, outbidding L&T Realty. This project will be Adani's second-largest redevelopment project after the mega Dharavi slum redevelopment project in Mumbai.
MHADA Vice-President and CEO Sanjeev Jaiswal said, "The long-cherished dream of the residents of Motilal Nagar is now taking concrete shape. We aim to make this the finest redevelopment project in the country, ensuring transparency, quality, and social commitment through MHADA's implementation." Pranav Adani, Director at Adani Properties, was also present at the agreement signing ceremony.