The developer had acquired the mill land, located close to the Sanjay Gandhi National Park in Borivali, several years ago for a greenfield residential township. The project planning and design process started around two years ago.
However, the project went into limbo like several others after the 2024 National Green Tribunal (NGT) ruling that said large-scale real estate projects within a 5-km radius of ecologically-sensitive zones such as forests or mangroves need environmental clearance from the central government. This led to confusion and delays for developers.
In August, the regulatory hurdle was removed when a Supreme Court judgment allowed state authorities to resume environmental impact assessment of real estate projects in the Mumbai Metropolitan Region (MMR) and Pune. The ruling removed the NGT-ordered approval process, allowing projects to go back to securing regular state clearances.
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The ruling came after industry body Confederation of Real Estate Developers’ Associations of India-Maharashtra Chamber of Housing Industry (Credai-MCHI) filed a writ petition, with interventions from Credai National and Godrej Properties Ltd.
“Adani’s Borivali project is in the vicinity of a national park which is an eco-sensitive area. Due to the regulatory ambiguity, the project was put on the back burner. The developer has resumed work on the project plan and will apply for approvals soon,” said the first of the two person cited earlier, both of whom spoke on the condition of anonymity.
Adani Realty’s project is one of the many that were stalled or delayed due to the legal proceedings. Adani plans to build three- and four-bedroom apartments priced at ₹3.5-5 crore in the project.
“It was one of the key greenfield projects that was impacted. Now, once the approvals come in, the project will be launched in phases. This will be one of the larger greenfield projects of the group, which has a number of redevelopment projects in the city,” said the second person.
An Adani Realty spokesperson didn’t respond to Mint’s queries.
Adani Realty is a joint venture partner with Mumbai-based Marathon Group in a premium residential project named Monte South, located on the 12-acre Khatau Mill compound in the central Mumbai locality of Byculla.
Scaling up in Mumbai
Until now, Adani Realty has been developing projects in Ahmedabad, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune. However, it is Mumbai, the country’s most valuable property market, which has steadily become its core real estate-focused geography.
In July, the developer signed an agreement with state agency Maharashtra Housing and Area Development Authority (Mhada) for the redevelopment of Motilal Nagar in suburban Mumbai’s Goregaon (West).
The ₹36,000-crore Motilal Nagar Mhada colony project that spans across 142 acres will be the largest redevelopment project in the country.
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Adani Realty is also gearing up to launch its biggest luxury residential project in the prime Bandra Reclamation area. It is in the process of building its sales office for the 20-acre project located along the Bandra-Worli Sea Link approach road.
The mega Dharavi redevelopment project is being developed by Navbharat Mega Developers Pvt. Ltd, a special purpose vehicle formed as a joint venture between the Maharashtra government and the Adani Group.
“Real estate is a priority sector for the Adani Group. The way they have gone deep into each geography, built differentiated products, and built their team signal their focus on the sector. Unlike Adani, many large corporate groups have engaged in the real estate business, but for most, it is not a priority,” said Anuj Puri, chairman at property advisory Anarock Group.
Earlier this year, an Adani Group subsidiary also acquired a 1.1-acre plot in south Mumbai’s tony Carmichael Road locality for over ₹170 crore. Adani Realty is also going to build a 1,000-acre township project in Navi Mumbai, where the conglomerate is developing a new international airport.
Adani Realty entered the real estate sector in 2010 with the 600-acre Shantigram mixed-use township project in Ahmedabad.
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