Bombay High Court Clears Way for ?21,000 Crore Redevelopment of 141 Acres in Goregaon’s Motilal Nagar

Bombay High Court Clears Way for ?21,000 Crore Redevelopment of 141 Acres in Goregaon’s Motilal Nagar

Bombay High Court Clears Way for ?21,000 Crore Redevelopment of 141 Acres in Goregaon’s Motilal Nagar

The Bombay High Court has given the green light for the redevelopment of 141 acres of Maharashtra Housing and Area Development Authority (MHADA) land in Goregaon (West), known as Motilal Nagar, marking the largest MHADA colony redevelopment project in the city. The division bench of Chief Justice Alok Aradhe and Justice Bharati Dangre disposed of a 2013 PIL challenging rampant unauthorized construction in the colony and allowed a 2021 plea by MHADA to carry out redevelopment via private developers through a bidding process.

With the litigation now settled, MHADA can proceed with opening the redevelopment bids, which were previously floated. The estimated Rs. 21,000 crore project will be executed by a selected construction and development agency (C&DA) through floor space index (FSI) compensation, with the developer covering all costs, including transit housing, rehabilitation of tenants, shops, slum dwellers, and additional amenities. Originally designed for 400 tenants, primarily row houses, Motilal Nagar currently has over 3,600 unauthorized constructions, which MHADA plans to include in the redevelopment plan.

In December 2021, Adani, L&T, and Naman Developers were the only three construction firms to submit bids for the project, which is expected to transform Motilal Nagar into a modern residential and commercial hub. MHADA emphasized that this redevelopment aligns with its core objectives under the MHADA Act of 1976, which focuses on housing improvement, slum rehabilitation, and redevelopment of aging buildings. With this clearance, Mumbai is set to witness one of its largest urban transformation projects, providing improved housing and infrastructure for thousands of residents.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/