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News: Adani to Invest About Rs 1 Lakh Crore in Motilal Nagar-17-04-2026

The Adani Group will invest nearly Rs 1 lakh crore in redeveloping the 143-acre Motilal Nagar cluster in Goregaon, Mumbai, Maharashtra Housing and Area Development Authority (MHADA) CEO Sanjeev Jaiswal said on April 17, while unveiling the master plan. It is among the country’s largest urban renewal investments after the Dharavi redevelopment project.

MHADA will oversee the Goregaon West project under the cluster redevelopment model. It is expected to generate total Floor Space Index (FSI) of around 28 lakh sq m. Of this, 17 lakh sq m will go to the Adani Group, the construction and development agency (C&DA). Jaiswal said tenant rehabilitation will account for 6.44 lakh sq m and MHADA’s share will be about 3.74 lakh sq m. For calculation, he said, around 10.5 lakh sq mtrs goes to rehab and MHADA.

He cautioned that this is the entitled FSI, and it is difficult to say how much the developer will be able to consume over the next 10 to 15 years. How much supply reaches the market will depend on market conditions.

The target is to rehabilitate the 5,000 original tenements, comprising residential, commercial and slum units, within seven years, though this may be pushed marginally.

Jaiswal estimated investment in rehabilitation, MHADA’s share and related amenities and infrastructure at around Rs 36,000 crore. Including the sale component, the total over a project lifecycle of 10-15 years or more could be around Rs 1 lakh crore.

The Adani Group, which is also executing the Dharavi project, emerged as winning bidder for Motilal Nagar in 2025. According to group sources, the current rate is around Rs 30,000 per sq ft, and the residential segment offers the strongest monetisation opportunity. The sale component is expected to be mixed-use, with commercial, educational, hospitality and retail space.

Jaiswal also said 923 acres will be opened up for cluster redevelopment in Mumbai, a figure that excludes the BDD redevelopment project of over 100 acres, the Aram Nagar cluster of another 20 to 30 acres and other approved layouts. For these 11 projects alone, he said, 75,445 tenements will be rehabilitated over the next five to seven or eight years. Rehabilitation on this scale and model would be a first for MHADA and possibly unprecedented in Mumbai and the country, he said.

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