Three big real estate firms have shown interest in the redevelopment project of Motilal Nagar, in Goregaon. On Tuesday, the Mumbai board of the Maharashtra Housing and Area Development Authority (MHADA) opened technical bids and got three names – Adani, Larsen & Toubro Ltd, and the Naman Group. Final selection will be made after scrutiny of all bids, a MHADA official said on condition of anonymity. This is one of the biggest housing projects that MHADA will undertake through a private developer.
The Mumbai board had invited tenders from private developers on ‘construction cum development contract’, offering permissible floor space index (FSI) of 4-plus as per the Development Plan (DP) 2034. A pre-bid meeting was also held to understand the queries of developers for the proposed redevelopment project.
The proposed redevelopment is divided into three parts – Motilal Nagar I, II &III – comprising total gross plot area of over 5.79 lakh sq mt. The bidders were expected to give Rs 50-crore bid surety in the form of bank guarantee/ demand draft, as per the tender condition.
Motilal Nagar is one of the oldest housing clusters that was constructed in the 1960s. It comprises ground-plus-one chawls and slums. In September this year, the state cabinet led by Chief Minister Uddhav Thackeray, had reportedly cleared the proposal, following which the tendering process had been initiated. In this redevelopment project there are a total of 3,717 rehab tenements and 1,600 slum tenements.