Adani Properties, Lodha Developers and JSW Realty and Infrastructure are in the fray for the next two massive redevelopment projects in Mumbai. The three companies are eyeing two prime parcels of land, 98.27 acres in Bandra Reclamation, and 34.33 acres spread across Adarsh Nagar, Worli.

For the third upcoming redevelopment project over 73.89 acres in SVP Nagar, Andheri West, Adani Properties has competition with Reliance 4IR Realty Development Ltd and Hanura Realty Pvt Ltd.

All the three plots – totalling to an area above 200 acres – are MHADA layouts built over 50 years ago that have seen little to no development over the years, hence have been chosen for redevelopment. Combining multiple housing societies, the redevelopment is being executed by MHADA under the construction and development agency (C&DA) model, akin to cluster redevelopment, wherein a developer will redevelop the entire plot and rehouse the eligible residents in-situ, getting a portion of the land to sell for profit.

Such a redevelopment model can be seen playing out across 143 acres of Motilal Nagar, Goregaon, being carried out by Adani, which is also carrying out the Dharavi redevelopment project.

Having invited tenders for the three redevelopment projects till May 18, the companies will now battle it out for the position of the highest bidder – the one who has promised the largest housing stock to MHADA – through evaluations of technical and financial qualifications.

The next two MHADA layout plots scheduled for redevelopment, pending approval from the Maharashtra government, are Ramkrishna Nagar in Khar and the Old MHB Colony in Borivali.

At Bandra Reclamation, the 98.27 acres covers 1,147 tenements. The residents will be eligible for homes of carpet area between 930 sqft to 1,980 sqft, depending on their current home sizes.The starting monthly rent during the redevelopment portion is Rs 45,000, going up to Rs 1 lakh. While the FSI available for the plot is 3, the developer can extend it up to 4 by sharing the extra FSI with MHADA or paying a premium for the extra floor space.

In Adarsh Nagar, Worli, the plot up for redevelopment includes 873 homes. Depending upon the sizes of their homes, these residents will be eligible for carpet areas between 700 sqft to 2,150 sqft. This eligibility figure has been calculated as per Section 33(5) of the DCPR, as is the case for all the cluster redevelopment projects.

SVP Nagar in Andheri West is home to 4,548 tenements, the smallest of which will be eligible for homes of size 680 sqft, and the largest of which will get around 2,280 sqft in redeveloped flats. Many of the residents within the three plots have opposed MHADA’s plans and have approached the courts, but a similar plea in the case of Motilal Nagar was won in favour of MHADA.