Adani group may invest around ₹1 lakh crore in Motilal Nagar cluster development scheme – the first of twelve such projects that will change the skyline of Mumbai.
Twelve cluster development projects spread over 900 acres are being planned by Maharashtra Housing and Area Development Authority ,(MHADA) and these will better amenities for local residents and commerical development opportunities for builders.
The first project to take off is redevelopment of 143 acre Motilal Nagar in Goregaon in western Mumbai. The project is being developed by the Adani group which has been selected as the construction and development agency by the authority.
According to MHADA’s vice president and CEO Sanjeev Jaiswal the project could see a total investment of around ₹1 lakh crore over the next 10-15 years.
The redevelopment scheme will provide free housing for building residents, slum dwellers and commercial space for existing units.
Residential units
Adani group will also provide residential units to MHADA and develop amenities in the area. In return it will receive around 17 lakh square metres as a free sale component. The group will develop both residential and commerical properties from the free sale component, an official said.
While construction work in Motilal Nagar is expected to start next month, eleven other development projects are in pipeline.
The remaining eleven projects are spread over 780 acres and will result in rehabilitation of 70,000 tenements. The largest of these redevelopments will be 256 acre and 201 acre projects in Gorai and Charkop areas of North Mumbai. “ This will change the skyline of Mumbai,” Jaiswal said. “ In the last few years we have shifted focus from individual building development to cluster development. The Motilal Nagar will be India’s biggest urban redevelopment initiative and will create a self sustaining township with all the amenities,” he added.