As this project’s total cost is ₹36,000 crore and it might take 7 years of rehabilitation since the project starts.
Adani Properties Pvt Ltd (APPL) became the top bidder by providing more built-up area than its closest competitor, L&T, according to sources.
The Letter of Allotment (LoA) will be issued in due course
The Maharashtra Housing and Area Development Authority (MHADA) received a green signal last week from the Mumbai High Court regarding redevelopment of Motilal Nagar through a construction and development agency (C&DA).
Adani aims to develop 620 acres of land in Dharavi, a crowded area in Mumbai, the same size as three-quarters of Central Park in New York, however, currently, around 1 million people live in an overcrowded area with poor conditions, and Adani wants to develop.
It is believed that successful development is the only way to solve flooding and waterlogging issues in Motilal Nagar.
In the Dharavi Redevelopment Project Pvt Ltd, which is famous as “ Navbharat Mega Developers Pvt Ltd”, Adani Group held an 80% stake while the rest was with the state government.
The project will provide new homes for 3,372 residential units, 328 commercial units, and 1,600 slum tenements, all of which are eligible under the 1971 Slum Act.
