Adani Bags Bandra Worli Jsw Led Consortium To Revamp Svp Nagar

MUMBAI: The Maharashtra Housing and Area Development Authority (MHADA) has finalised the builders who will redevelop three prime areas of Mumbai—Adarsh Nagar in Worli, Bandra Reclamation and Sardar Vallabhbhai Patel (SVP) Nagar in Andheri. Adani Properties and a consortium led by JSW Steel have emerged as winners.

On April 8, MHADA floated cluster redevelopment bids for these three prime areas cumulatively measuring 206.49 acres, and opened the technical submissions on May 20. MHADA announced the winners’ names on Tuesday even as resident groups and housing societies from all the three areas await June 9, the next hearing on their petition before the Bombay high court challenging MHADA’s cluster redevelopment tender.

On May 19, Hindustan Times had reported on residents’ resentment toward MHADA’s failure to adhere to the democratic process, noting that the process was opaque, coercive and in some instances, failed to meet mandatory consent requirements.

The three localities are planned for cluster redevelopment through the Construction & Development Agency model. “Adani Properties Private Limited has emerged as the highest bidder for the Adarsh Nagar and the Bandra Reclamation projects,” a MHADA official told HT on Tuesday. “The SVP Nagar in Andheri West was won by the consortium led by JSW Steel.” The consortium comprises Hanura Realty (a subsidiary of JSW Steel), Chandak Realtors, Premsagar Infra Realty and Vantier Realty.

The proposals for acceptance of the bids will be placed before the high-powered committee constituted for these projects. After the committee gives its approval, the proposals will be submitted to the state government for the final nod.

While SVP Nagar is 73.89 acres, the Bandra Reclamation cluster is spread over 98.27 acres and Adarsh Nagar over 34.33 acres. Eligible residents will be provided transit rent during the redevelopment period, along with a corpus fund for maintenance.

Apart from Adani Properties, Lodha Developers Limited and JSW Realty & Infrastructure Private Limited were in the fray for both the Bandra Reclamation project and the Adarsh Nagar projects. For SVP Nagar, the bidders were Reliance 4IR Realty Development Limited, Adani Properties and Hanura Realty Private Limited.