Synopsis: Adani Properties is the top bidder for two of the three new tendered cluster redevelopment projects by MHADA, obtaining 132.60 acres of land over two-thirds of the 206.49 acres made available in Bandra Reclamation, Adarsh Nagar (Worli), and SVP Nagar.
Mumbai has been witnessing a change in the urban landscape of its redevelopment sector with the latest announcement by MHADA to release 206.49 acres for development through clustering in areas like Bandra Reclamation, Worli, and Andheri West. For this phase, Adani Properties has come out on top to secure 132.60 acres 64% of the entire land on offer. This further helps in increasing Adani’s footprint in the prime redevelopment zones in Mumbai.
How Adani Emerged as the Biggest Winner
Out of the three redevelopment projects of clusters covering a vast area of 206 acres tendered by MHADA, two of the redevelopment projects covering a total area of 132.60 acres have been bagged by Adani Properties.
This accounts for more than two-third of the total acreage tendered by MHADA in this process. In other words, for every 100 acres tendered by MHADA, Adani won an impressive figure of around 64 acres of land. It is to be noted that Adani Properties has emerged as the highest bidder for the redevelopment of Adarsh Nagar and Bandra Reclamation projects, despite stiff competition from Lodha Developers and JSW Realty & Infrastructure.
Breaking Down the Three MHADA Projects
Why 206 Acres Matters in a Land-Starved Mumbai
The geography of Mumbai has not changed over the years, while its population continues to increase. This is the reason behind the importance of redeveloping the existing housing stock as the major instrument for creating new housing opportunities in the city. The availability of new sites for development within South Mumbai and Bandra being low, any new housing offered in these areas faces stiff competition. To put 206.49 acres in context:
- MHADA Redevelopment (2026, this round): 206.49
- Motilal Nagar (Goregaon): 143
- Adani’s MHADA wins (Bandra + Worli): 132.60
It is only a single auction process which has produced land development potential equivalent to the total of Motilal Nagar, which is the biggest project of house renovation in India covering an area of 143 acres at Motilal Nagar colonies 1, 2 and 3, Goregaon.
Bandra Reclamation Project
With an area of 98.27 acres, the Bandra Reclamation scheme is not only the biggest project amongst this group but also boasts the highest valuations. The project makes up more than 48% of all land allocated by MHADA for bidding. This has been due to the lucrative nature of its geographical location as indicated in studies carried out by reports that show there exists a price upside of 46% in the sea-view corridor stretching between Bandra Reclamation and Worli, due to ₹3.6 lakh crore worth of investments in the area together with the scarcity of land which increases real estate prices to almost Rs 1.5 lakh per square foot. Current flat prices in Bandra West are roughly ₹65,650 per square foot.
Worli Redevelopment Project
Adani’s smaller win in terms of size, which was Adarsh Nagar in Worli, is on 34.33 acres of land, which translates into approximately 17% of the land up for tender. However, being smaller does not make it any less valuable in terms of per-acre value, especially considering that the price of land in Worli, according to the report, is at a new peak of ₹ 75,000 per sq. ft. Worli is a part of Mumbai which began its existence with industries and chawls; however, as a result of the closing down of most textile mills during the 1990s and the early 2000s, it has transformed into an area where the construction of premium and ultra-luxury tower projects took place. This includes projects such as Lodha The World Towers and Birla Niyaara.
Adani’s Growing Redevelopment Empire in Mumbai
The Motilal Nagar Redevelopment Project, which covers an area of 143 acres in the suburbs of Mumbai, is being executed through the C&DA mechanism of Adani Group and is set to attract investments worth up to ₹1 lakh crore. When the Bandra and Worli wins are considered, along with this project, the total acreage involved becomes 275 acres – excluding Dharavi, which is another independent megaproject altogether. It does not take much imagination to understand that it is becoming increasingly clear that Adani Group intends to position itself as the favored large-scale redeveloper of MHADA.
What Do Residents Get?
Under the newly awarded projects, the right of the residents includes:
- Rehabilitation accommodation in the new development project
- Transit rental during construction
- Maintenance capital provision for maintenance of the new development
- Redevelopment in their own neighborhoods without being moved elsewhere
Residents who are eligible for relocation shall be provided free rent from transit until redevelopment along with a maintenance corpus fund. To provide a fair idea regarding the extent of the same, one can look at the Motilal Nagar project as a reference point, where 3,702 eligible residential inhabitants shall be provided with 1,600 sq. ft housing units, 328 eligible commercial individuals with 987 sq. ft. housing units, while nearly 1,600 slum residents shall be provided with 300 sq. ft housing units under SRA provisions
Is Redevelopment Becoming Mumbai’s Growth Model?
Mumbai is out of space to expand any further aged MHADA colonies are currently Mumbai’s source for new housing. Cluster redevelopment transforms that drawback into an advantage as developers gain economies of scale while tenants get renovated houses right where they stand. With Adani now having rights to develop the clusters of Dharavi, Motilal Nagar, Bandra, and Worli, the future of housing in Mumbai might depend on a few hands.
Written By Ameet S
