Adani, Reliance, Lodha, JSW in race for 200 acre Mumbai redevelopment projects

Real estate companies Adani Properties, Reliance 4IR, Lodha Developers, and JSW Realty & Infrastructure are among the companies that have submitted bids for the redevelopment of three major housing colonies occupying more than 20o acres of prime land in Mumbai’s Worli, Bandra Reclamation, and Andheri West.

The Maharashtra Housing and Area Development Authority (MHADA) initiated bid evaluation process for three large-scale redevelopment projects covering over 200 acres across Mumbai: 98 acres in Bandra Reclamation, 74 acres in SVP Nagar at Andheri West, and 34 acres in Worli’s Adarsh Nagar.

For the Adarsh Nagar redevelopment project in Worli, Adani Properties, Lodha Developers and JSW Realty submitted bids. The Bandra Reclamation project attracted participation from Lodha, Adani and JSW, while Reliance 4IR Realty Development, Adani and Hanware Realty placed bids for the SVP Nagar redevelopment project in Andheri West.

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In April, the Maharashtra Housing and Area Development Authority (MHADA) said that Adani Group is expected to invest Rs 1 lakh crore to redevelop Motilal Nagar in Mumbai’s Goregaon West, a project spanning 143 acres. The project, which includes both the rehabilitation and free-sale segments, is likely to need an investment of up to Rs 1 lakh crore, MHADA CEO and Vice-President Sanjeev Jaiswal said.

Adani Group is also involved in the redevelopment of Asia’s biggest slum, Dharavi in Mumbai. With the Rs 14,535 crore acquisition of beleaguered Jaiprakash Associates Ltd, Adani Group is set to become the biggest landowner in Uttar Pradesh’s Noida.