Adani Realty MHADA Project: The Adani Group has been awarded the responsibility for the Motilal Nagar redevelopment project in Mumbai. The ₹1 lakh crore project includes plans for resettlement and new housing development.
Motilal Nagar in Goregaon will undergo mega redevelopment.
Motilal Nagar Redevelopment Project: Another major redevelopment project has been added to the list of major projects in Mumbai. Asia's richest man, Gautam Adani's Adani Group, has been tasked with redeveloping Motilal Nagar in Goregaon (West). This area spans approximately 143 acres.
According to the Maharashtra Housing and Area Development Authority's (MHADA) master plan, this mega project could involve an investment of over ₹1 lakh crore. It is considered one of Mumbai's largest redevelopment projects, providing new homes to many families.
This model will be worked on
Adani Realty has successfully bid for the Motilal Nagar redevelopment project. According to reports, the project will be conducted under the Construction and Development Agency model. The project will include both rehabilitation and free-sale components. It is expected that the area will be developed on a large scale.
Preparation of rehabilitation plan
This project plans to rehabilitate a large number of people. According to the master plan, 3,702 eligible residents will be provided with free flats with a carpet area of 1,600 square feet. 328 business units will be provided with approximately 987 square feet of space.
Additionally, there are plans to relocate approximately 1,600 slum dwellers to 300-square-foot houses. This entire project will also provide MHADA with a large stock of housing units, which will help in providing housing in the future.
Rehabilitation will be completed in 7 years
According to MHADA CEO and Vice-President Sanjeev Jaiswal, the entire project could involve an investment of up to ₹1 lakh crore. The rehabilitation work is expected to be completed within the next seven years. This project will provide relief to a large number of people.
Gautam Adani is Asia's richest person
Gautam Adani has surpassed Mukesh Ambani to become Asia's richest person. According to the Bloomberg Billionaires Index, Adani's net worth is estimated at $92.6 billion, while Ambani's is $90.8 billion. With this increase, Adani has now become Asia's richest person.