MUMBAI — Adani Properties is set to win a $4.1 billion contract to redevelop one of Mumbai’s largest housing projects, with the Maharashtra government expected to issue a Letter of Intent soon, according to sources familiar with the matter, as published by MoneyControl.
The real estate arm of billionaire Gautam Adani’s Adani Group submitted the highest bid for the Motilal Nagar Development Project in Goregaon, offering approximately 36,000 crore rupees, the sources said. The sources requested anonymity as the details have not yet been made public.
Adani Properties, an unlisted unit of the ports-to-power conglomerate, was designated as the highest bidder, or “H1 bidder,” after surpassing other contenders. Rival Larsen & Toubro Ltd. submitted a bid offering 2.6 million square meters, significantly lower than Adani’s proposed 3.97 million square meters. The minimum requirement set under Maharashtra’s tender conditions was 3.83 million square meters.
The Maharashtra state government will soon issue a Letter of Intent to formally declare Adani Properties as the winner, the sources said.
The redevelopment project spans 143 acres (57.87 hectares) across Motilal Nagar I, II, and III. Existing residents are expected to be rehabilitated within seven years from the project’s commencement, according to sources.
Adani Properties will oversee the entire redevelopment process, including design, approvals, construction, infrastructure development, and the rehabilitation of 3,372 residential units, 328 commercial units, and 1,600 slum tenements.
The Maharashtra Housing and Area Development Authority declined to comment, and a spokesperson for Adani Group also refrained from making a statement.
The latest contract marks another major win for Adani Group in Mumbai, following its ongoing redevelopment of Dharavi, Asia’s largest slum.