Adani Properties to Launch Premium and Ultra-Luxury Residential Projects in Mumbai; Motilal Nagar Rehabilitation Construction to Begin This Year
Two Premium Housing Launches Announced
Adani Realty intends to launch two luxury projects in Mumbai's Goregaon (West) and Bandra areas. Both projects are expected to add more high-end housing to the city's residential market, with both currently in the final stages of approvals. Some site-level work has already begun.
Goregaon West Cluster: Volume Play in Premium Segment
The first project is a cluster redevelopment in Goregaon West, where the developer plans to launch the initial 5-6 acres with around 1,300-1,400 homes. Most of the apartments will be two- and three-bedroom units. The second project, at Bandra Reclamation, will be sold by invitation only, with the first phase covering five acres and comprising about 140 homes of approximately 5,000 sq ft each, priced at around ₹1.2 lakh per sq ft. The project will also feature customisable penthouses that range between 10,000 sq ft to 20,000 sq ft, and a branded club.
There has been significant interest in the Bandra project, mainly from domestic high net worth individuals.
Motilal Nagar Rehabilitation Commences This Year
Adani Properties was appointed by the Maharashtra Housing and Area Development Authority (Mhada) to redevelop Motilal Nagar in Goregaon (West). The company won the ₹36,000-crore project after outbidding L&T Realty. The redevelopment covers 142 acres and includes building apartments for sale as well as housing for existing residents under the rehabilitation component.
Construction for the rehabilitation component at Motilal Nagar will start this year. This project will be the group's second-largest redevelopment after its Dharavi slum redevelopment. The Adani Group plans to pump in ₹1 lakh crore investment over a 10 to 15-year period.
Adani Realty's Broader Mumbai Presence
Beyond Dharavi, Adani has acquired a large land bank across Mumbai and Navi Mumbai, which it plans to develop gradually. The real estate arm has developed close to 33 million square feet and approximately 144 million square feet of real estate space is under development, including residential, commercial, and social club projects across Ahmedabad, Mumbai, Pune, and Gurugram.