India’s richest businessman Gautam Adani is to receive around 17 lakh square metres of saleable area in the Motilal Nagar redevelopment project in suburban Goregaon, where the Adani Group plans to invest nearly Rs 1 lakh crore over the next 10-15 years.
The large-scale redevelopment, spread across 143 acres, is likely to generate a total built-up area of 28 lakh square metres.
More than 10.5 lakh square metres of this will go to original residents and the Maharashtra Housing and Area Development Authority, according to Sanjeev Jaiswal.
Estatevue Developers, an entity owned by the Adani Group, will receive 17 lakh square metres as free sale area. This is equivalent to about 1.82 crore square feet. The company will use this for open market transactions.
The project marks one of the biggest urban redevelopment initiatives in Mumbai in recent years.
The Adani Group had emerged as the winning bidder for the project last year under the CD&A model.
Officials indicated that the project will develop into a mixed-use space, with residential, commercial, educational and hospitality components under consideration.
Under the redevelopment plan, the project will rehabilitate around 5,000 existing tenements. These include residential, commercial and slum units. The work is expected to be completed within seven years, although timelines may see minor extensions.
Each residential unit holder will receive 1,600 square feet, while commercial units will receive 957 square feet.
The total number of families in the area is likely to rise to around 25,000 after redevelopment. While developers have flexibility in constructing the sale component, land ownership will remain with MHADA, and key decisions such as financing or transfer of development rights will require its approval.
Officials also highlighted that 11 similar projects across Mumbai, covering 923 acres, are planned under the same model, potentially transforming the city’s skyline. These projects aim to rehabilitate over 75,000 tenements across key locations, including Kamathipura, Worli and Bandra Reclamation.
Experts added that increased housing supply from such developments could improve rental housing viability in the city. Yields currently remain low at around 2 per cent.
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