The development can accommodate up to 45 lakh square feet of area and residential land in the Bandra Reclamation area is priced at around Rs 83,000 per square foot.
Gautam Adani's company Adani Realty has secured a Rs 30,000 crore project in Mumbai, surpassing Larsen & Toubro (L&T). The company placed the highest bid in the redevelopment project of the sprawling 24-acre Bandra-Worli area, which is owned by the Maharashtra State Road Development Corporation (MSRDC).
Adani Realty offered MSRDC a revenue share of 23.15 per cent, while L&T proposed a share of only 18 per cent.
According to a Business Today report, the land is near Mahim Creek and the Bandra-Worli Sea Link approach road. The plot includes a casting yard and the MSRDC office. The land has been allocated for commercial and residential use with an estimated value of Rs 30,000 crore.
The development can accommodate up to 45 lakh square feet of area and residential land in the Bandra Reclamation area is priced at around Rs 83,000 per square foot.
Adani Realty will have to pay MSRDC 23.15 percent of the project's revenue, or Rs 8,000 crore (whichever is higher), to fulfill the terms of the agreement within 10 years.
Gautam Adani's entry into the $100 billion club, reflects Adani Group's expansion across various business sectors.
The Adani Group also received the contract for the redevelopment of the largest slum in Asia, Dharavi, in Mumbai. Their company, Dharavi Redevelopment Project Private Limited (DRPPL), has started hiring global teams for planning and designing this project. In November 2022, Adani Properties, the real estate development company of Adani, placed the highest bid for the Dharavi redevelopment project.
In DRPPL, Adani Group has an 80 percent stake, with the Maharashtra government holding 20 percent. Adani Properties placed a bid of Rs 5,069 crore for this project. Dharavi is spread over approximately 600 acres and is the largest slum in Asia.
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