Adani, L&T & Naman Developers Bid for Motilal Nagar Redevelopment
Three construction firms, Adani, L&T and Naman Developers, have submitted bids to redevelop Mumbai’s largest housing project, Motilal Nagar in Goregaon (west), worth Rs 35,000 crore. “The three bids received will be scrutinised over the next few days and a decision will be taken soon,” said Yoge
Published -
Dec 18, 2021 4:03 AM
Three construction firms, Adani, L&T and Naman Developers, have submitted bids to redevelop Mumbai’s largest housing project, Motilal Nagar in Goregaon (west), worth Rs 35,000 crore. “The three bids received will be scrutinised over the next few days and a decision will be taken soon,” said Yogesh Mhase, chief of Mhada’s Mumbai board. Two top developers, Godrej Properties and Bengaluru-based Prestige Group, formally protested and wrote to Mhada about a controversial clause in the tender which makes most builders ineligible for the huge contract. The clause says only developers with a net worth of not less than Rs 9,000 crore as on March 31, 2021, can qualify. Motilal Nagar was built in the 1960s as a rehabilitation and resettlement colony for citizens displaced from different locations in the city and suburbs. Then PM Jawaharlal Nehru had laid the foundation stone of this resettlement colony. The Mhada tender has been floated under the public-private partnership model to rehabilitate about 3,717 Mhada tenants and 1,600 slum dwellers. The master plan envisages integrated redevelopment, including rehabilitation buildings for existing eligible residential and commercial users, as well as shopping centres, offices, recreational centres, schools, healthcare centres and apartments of various sizes for sale. The winning contractor will receive a floor space index (FSI) of 4 to redevelop Motilal Nagar.
Tags : News/Views Adani Godrej Properties L&T Prestige Group Goregaon Motilal Nagar Naman Developers Yogesh Mhase