The real estate arm of the Adani group, Adani Realty, is coming up with around 6-8 million square feet of residential, commercial, and retail development in Mumbai, including a 25,000-seat convention centre near the upcoming Navi Mumbai airport, that will rival Mukesh Ambani’s Jio World convention centre in Bandra Kurla Complex.
The aim is to build up an ecosystem consisting of hospitality, corporate meeting spaces and retail areas around the new airport and the plans include setting up five-star hotels and a high street, sources said. The area when developed would be around 3-3.5 million square feet, they added.
The Jio Convention Centre, occupying an area of over 1 msf in the business district of BKC, has quickly become the go-to venue for large scale summits, exhibitions, social events, and concerts in the financial capital. However, it is located far from the airports and connectivity is an issue. Adani’s convention centre, located next to the Navi Mumbai airport, is seen having a locational advantage.
Bandra redevelopment
In February this year, Adani Realty had won a 24-acre reclamation redevelopment project near the Bandra-Worli sealink. It is setting up a mixed-use development there consisting of residences and commercial spaces, spread over 4.5 msf.
Of the total, around 3.5 msf would be for residential projects and the remainder would be commercial. This is as per the conditions of the tender and the Development Control and Promotion Regulation 2034.
Apart from the above, it is also developing the ACC campus in Thane, where the cement company had its research and development unit. According to information, around 18 acres are already under development on which six residential towers are set to come up.
Adani Realty, which is redeveloping Asia’s largest slum cluster Dharavi in a joint venture with the State government, has rapidly expanded its real estate footprint across Ahmedabad, Mumbai, Gurugram, Pune, Odisha across residential, commercial and retail segments.
Set up around 12 years back, it has already developed 24 msf of area while another 61 msf is under development.
