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Hindustan Times
08-07-2025
- Business
- Hindustan Times
Motilal Nagar's rdvpt contract signed, ‘15 minutes city' planned
MUMBAI: The contract for the redevelopment of Motilal Nagar—Maharashtra Housing and Area Development Authority's (Mhada) largest housing layout—was formally signed on Monday, four months after it was awarded to Adani Properties, a subsidiary of the Ahmedabad-based Adani Group. Motilal Nagar,Goregon(w)Mumbai,India 12/02/2013 Photo By-SANJAY SOLANKI (Hindustan Times) The ₹36,000-crore project aims to transform the 143-acre Motilal Nagar I, II, and III layout in Goregaon West into a modern residential hub, built around the concept of a '15-minute city'—a model that promises access to transport, healthcare, education, shopping, and entertainment within a 15-minute radius. A source familiar with the development confirmed the signing of the construction and development agency (CDA) agreement on Monday. This will be Mhada's second key-to-key redevelopment initiative—after the BDD Chawl projects in Worli and Naigaon—where residents are shifted from old tenements directly into new flats on the same site, without being required to pay rent or seek alternate accommodation during construction. The redevelopment will rehouse 3,372 residential units, 328 commercial structures, and around 1,600 slum dwellings. The new residential units will be built over 5.84 lakh square metres, while 987 square metres will be allocated for commercial rehabilitation. Importantly, the layout—home to around 20% green cover—will be redeveloped with a mandate to preserve the existing greenery. In the tendering process, Adani Properties outbid Larsen & Toubro by offering to hand over 3.97 lakh square metres of built-up area to Mhada, as compared to L&T's offer of 2.6 lakh square metres. Despite the formalisation of the contract, Adani Properties declined to comment on the development. The project is slated for completion within seven years from the start of construction. The redevelopment, however, has not been without opposition. Earlier this year, a group of residents challenged Mhada's plan in the Bombay High Court, questioning the decision to redevelop the entire layout through a single CDA contract rather than in smaller phases. The High Court upheld Mhada's decision. Since then, a section of residents has also been demanding larger tenements—between 2,400 and 3,500 sq ft—citing provisions under existing redevelopment norms. Mhada, however, has held firm on its original proposal to allot 1,600 sq ft homes. 'Residents will get the new tenements as per the existing conditions,' a Mhada official told Hindustan Times.
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Business Standard
01-07-2025
- Business
- Business Standard
Keystone to redevelop Mumbai locality with Mhada, eyes GDV of Rs 4,521 cr
Keystone Realtors (Rustomjee Group) has got approval for its proposal to redevelop 25 buildings in GTB Nagar of Mumbai's Sion Koliwada that have a gross development value (GDV) of Rs 4,521 crore. Keystone will work on the project in collaboration with the Maharashtra Housing and Area Development Authority (Mhada), which gave a letter of approval (LoA) to the company. The redevelopment, spread across a plot area of 11.19 acres (45,308 square metres), will rehabilitate around 1,200 society members and unlock a saleable area of approximately 20.7 lakh square feet (sq ft) for Keystone. Constructed in 1958 for post-Independence migrants, the buildings in GTB Nagar were declared unsafe by the Brihanmumbai Municipal Corporation in 2020 and subsequently demolished. Residents had to seek alternative accommodation on their own. In response to appeals by tenant societies, the state government approved the redevelopment of the site through Mhada, despite the land being privately owned. The state cabinet, in a meeting held on February 14, 2024, approved the redevelopment proposal through the appointment of a construction and development agency under Regulation 33(9) of the Development Control and Promotion Regulations. A corresponding government resolution was issued on 23 February 2024, designating Mhada as the special planning authority for the execution of this project. Legal petitions related to this project had reached the Bombay High Court and the Supreme Court. 'The Supreme Court's landmark judgement in this case has paved the way for Mhada to undertake similar projects in the future,' Mhada said. As per the proposal submitted by Mhada, a minimum floor space index (FSI) of 4.5 will be available, including fungible area. Each eligible family will receive a free home measuring 635 sq ft. Additionally, Mhada will receive 25,700 square metres of built-up space as housing stock. Until the project is completed, Mhada will provide a monthly rent of Rs 20,000 to the eligible tenants. Post-redevelopment, the state-owned agency will provide five years of maintenance charges. Boman Irani, chairman and managing director of Keystone Realtors, said: 'We are honoured to have received the LoA for the redevelopment of GTB Nagar in Sion, a project that carries the hopes of 1,200 society members and 200 slum residents. With over 1,400 families involved, this is among the largest redevelopment initiatives the city has seen, and we are privileged to be entrusted with this responsibility.' Recently, the Mumbai Building Repairs and Reconstruction Board, a unit of Mhada, issued a tender for the cluster redevelopment of Kamathipura in South Mumbai. Spread across 34 acres, it includes approximately 943 cess buildings in lanes 1 to 15, with around 6,625 residential and 1,376 non-residential tenants, totalling 8,001 occupants. Meanwhile, mega redevelopment projects such as the Dharavi slum redevelopment (by Adani Group), the BDD Chawl project in Worli (by a consortium led by Tata Projects), the Bharat Nagar project in Bandra (by Omkar Realtors & Developers, Forum Homes, HDIL, and others), and the Motilal Nagar project in Goregaon (by Adani Group) are underway in Mumbai.
