(MENAFN- Live Mint) Bengaluru: Adani Properties, the real estate firm of Adani Group, on Monday signed an agreement with state agency Maharashtra Housing and Area Development Authority (Mhada) for the redevelopmentof Motilal Nagar in suburban Mumbai's Goregaon (West).

Mhada has appointed the Adani Group firm as the construction and development (C&D) agency for implementing the redevelopment of its Motilal Nagar 1, 2 and 3 colonies.

In March, Adani Properties emerged as the highest bidder for the ₹36,000-crore project that spans across 142 acres in the city, outbidding L&T Realty project will be Adani's second largestredevelopment project after the mega Dharavi slum redevelopment project in Mumbai.

The Dharavi project is being developed by Navbharat Mega Developers Pvt. Ltd (NMDPL), a special purpose vehicle formed as a joint venture between the Maharashtra government and the Adani Group.

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“The long-cherished dream of the residents of Motilal Nagar is now taking concrete shape. We aim to make this the finest redevelopment project in the country, ensuring transparency, quality, and social commitment through Mhada's implementation," said Mhada vice-president and CEO Sanjeev Jaiswal.

Pranav Adani, director at Adani Properties, was also present at the agreement signing ceremony.

The Motilal Nagar Mhada colony will be the largest redevelopment project in the country to be implemented through the construction and development model. It will entail free rehabilitation of residents in 1,600 sq. ft apartments. Through this redevelopment, Mhada said it will receive 397,100 square metres of constructed area from the developer Adani Properties. This will significantly boost Mhada's housing stock in the near future.

The project has been declared a 'Special Project' by the Maharashtra government.

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Motilal Nagar 1, 2, and 3 colonies currently comprise 3,700 tenements. Additionally, non-resident tenants will be provided with 987 sq. m. of commercial space. A five-acre central park will be a key feature of the project. The construction of the rehabilitation units is expected to be completed within seven years.

A comprehensive master plan has been developed by Mecanoo, an architecture firm based in Netherlands, while the infrastructure planning was done by London-based Buro Happold.

Apart from the Mumbai Metropolitan Region (MMR), Adani Properties that operates under the Adani Realty brand name, has real estate projects in Pune, Ahmedabad, and Delhi-National Capital Region (NCR).

Mint reported in April 2024 that its project portfolio totals over 200 million sq ft, with 130 million sq ft earmarked for potential future development. Since then, the company's portfolio has expanded rapidly.

While the company plans to do a mix of housing, office and retail projects, it specializes in large-format, often complex, residential-led developments.

Possibly, the company's largest development will be a massive 1,000-acre township project in Navi Mumbai, where the conglomerate is building a new international airport.

“In the Motilal Nagar project, Adani Properties plans to do a large integrated mixed-use development, where the first phase will have residential development along with some retail,” said a person familiar with the development, who didn't wish to be named.

An Adani Properties spokesperson didn't respond to queries.

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