Adani Group Wins ₹36,000 Crore Motilal Nagar Redevelopment Project

The Adani Group has emerged as the highest bidder for the ₹36,000 crore redevelopment project at Mumbai’s Motilal Nagar.

This marks the conglomerate’s second major redevelopment project after securing the Dharavi redevelopment initiative.

Approval from Bombay High Court Paved the Way

The project win comes just a week after the Bombay High Court granted permission to the Maharashtra Housing and Area Development Authority (MHADA) to proceed with the redevelopment of Motilal Nagar through the Construction and Development Agency (C&DA).

Following the court’s approval, the state government classified it as a special project under MHADA’s jurisdiction, though the actual redevelopment work will be undertaken by an agency.

Details of the Motilal Nagar Redevelopment Project

The 143-acre redevelopment project at Motilal Nagar I, II, and III in Goregaon West, Mumbai, will be handled by Adani Properties Pvt Ltd, a subsidiary of the Adani Group.

The company offered a built-up area of 3.97 lakh square meters in its bid. With the Adani Group winning the bid, the Letter of Allotment (LoA) is expected to be issued soon.

MHADA’s Role in the Project

Under the redevelopment initiative, MHADA will rehabilitate 3,372 residential units, 328 eligible commercial units, and 1,600 eligible slum dwellings.

Additionally, illegal structures within the project area will be removed as part of the redevelopment process.

Adani Group’s Expanding Redevelopment Portfolio

The Motilal Nagar redevelopment project marks Adani Group’s continued expansion in urban renewal projects. Previously, the Adani Group, led by billionaire Gautam Adani, secured the Dharavi slum redevelopment project with a $610 million bid.

Stock Performance 

On March 13, 2025, Adani Enterprises share price ended 0.88% lower at ₹2,221.95. Adani Enterprises’ share price reached a 52-week high of ₹3,743, and a 52-week low of ₹2,026.90. As per BSE, the total traded volume for the stock stood at 0.28 lakh shares with a turnover of ₹6.35 crores.

At the current price, Adani Enterprises shares are trading at a price-to-earnings (P/E) ratio of 100.91x, based on its trailing 12-month earnings per share (EPS) of ₹22.02, and a price-to-book (P/B) ratio of 14.47, according to exchange data.

Conclusion 

The Adani Group’s win of the ₹36,000 crore Motilal Nagar redevelopment project reinforces its growing presence in Mumbai’s urban renewal sector.

With Bombay High Court’s approval and MHADA’s oversight, the project aims to rehabilitate thousands of residents.

As Adani Group continues expanding its redevelopment portfolio, the transformation of Motilal Nagar will be a significant milestone.

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