+
 L&T, Adani, Naman Developers submit bids to redevelop Motilal Nagar
Real Estate

L&T, Adani, Naman Developers submit bids to redevelop Motilal Nagar

Adani, L&T and Naman Developers have presented proposals to redevelop the largest residential project in Mumbai, Motilal Nagar in Goregaon (west), at Rs 35,000 crore.

Many builders have complained that the bids invited by the state housing authority, MHADA, have been rigged and tailor-made to benefit some developers. The three proposals obtained will be analysed over the coming few days, and a decision will be taken shortly, according to the chief of MHADA’s Mumbai board, Yogesh Mhase.

Two leading developers, Godrej Properties and Bengaluru-based Prestige Group, formally objected and wrote to MHADA regarding a controversial clause in the bid, which makes most builders unqualified for the major agreement. The clause states that only developers with a net worth of not less than Rs 9,000 crore as of March 31, 2021, can be eligible.

The clause in the tender was compulsory as MHADA was only following Central Vigilance Commission policies. According to them, the guidelines mandate that the bidder’s net worth should be at least 30% of the project value.

Godrej Properties claimed in a letter to MHADA that the qualifying factor of Rs 9,000 crore is discriminatory and eliminates other bidders, comprising Godrej.

It will additionally serve as an undue benefit to a handful of entities who may not even have the required on-ground experience to deliver housing, accommodation or rehabilitation, said the letter. Motilal Nagar was constructed in the 1960s as a rehabilitation and resettlement colony for residents displaced from different areas in the city and suburbs.

Image Source

Adani, L&T and Naman Developers have presented proposals to redevelop the largest residential project in Mumbai, Motilal Nagar in Goregaon (west), at Rs 35,000 crore. Many builders have complained that the bids invited by the state housing authority, MHADA, have been rigged and tailor-made to benefit some developers. The three proposals obtained will be analysed over the coming few days, and a decision will be taken shortly, according to the chief of MHADA’s Mumbai board, Yogesh Mhase. Two leading developers, Godrej Properties and Bengaluru-based Prestige Group, formally objected and wrote to MHADA regarding a controversial clause in the bid, which makes most builders unqualified for the major agreement. The clause states that only developers with a net worth of not less than Rs 9,000 crore as of March 31, 2021, can be eligible. The clause in the tender was compulsory as MHADA was only following Central Vigilance Commission policies. According to them, the guidelines mandate that the bidder’s net worth should be at least 30% of the project value. Godrej Properties claimed in a letter to MHADA that the qualifying factor of Rs 9,000 crore is discriminatory and eliminates other bidders, comprising Godrej. It will additionally serve as an undue benefit to a handful of entities who may not even have the required on-ground experience to deliver housing, accommodation or rehabilitation, said the letter. Motilal Nagar was constructed in the 1960s as a rehabilitation and resettlement colony for residents displaced from different areas in the city and suburbs. Image Source

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code