Big real estate corporations including Adani, L&T, and Naman submitted bids for the Motilal Nagar Redevelopment Project in Goregaon.

Three major real estate firms have expressed interest in redeveloping Motilal Nagar in Goregaon. The Maharashtra Housing and Area Development Authority (MHADA) in Mumbai launched technical bids on Tuesday and received three names: Adani, Larsen & Toubro Ltd, and the Naman Group. On the condition of anonymity, an MHADA official indicated that the final decision would be made after a thorough examination of all offers. This is one of the largest housing projects MHADA will take on with the help of a private developer.

According to the Development Plan (DP) 2034, the Mumbai board had requested bidders from private developers for a 'building cum development contract,' with an allowed Floor Space Index (FSI) of 4-plus. A pre-bid meeting was also organized to learn about the developers' concerns about the proposed redevelopment project. The projected redevelopment is divided into three parts: Motilal Nagar I, II, and III, totalling about 5.79 lakh sq. mt of gross land space. As per the tender requirement, bidders were required to provide a bid surety of Rs 50 crore in the form of a bank guarantee or demand draft.

Motilal Nagar is one of the city's oldest housing clusters, dating back to the 1960s. It consists of slums and ground-plus-one chawls. The idea was reportedly authorized by the state cabinet, chaired by Chief Minister Uddhav Thackeray, in September of this year, after which the tendering process was started. There are 3,717 rehab tenements and 1,600 slum tenements in this redevelopment project.

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