Real Estate

Real Estate Transactions

Adani Group co takes majority stake in Rs.5,000-Cr project on Mumbai RTO land

Economic Times  

The INR 5,000 crore slum rehabilitation project on RTO land in Andheri (west) has been taken over by an Adani Group company, Portsmount Buildcon. The firm will jointly develop the over 11 lakh sq ft sale component of the project with developer Shiv Infra Vision, which had bagged the work in 2018. Adani Group company Portsmount Buildcon has paid developer Shiv Infra Vision INR 444 crore and another INR 100 crore as a security deposit. The company will be entitled to 76% of the revenue accruing from the project. Residents of three slum pockets - Anna Nagar, Vitthal-Rakhumai and Kasam Nagar - measuring over six acres, had appointed Shiv Infra to rehabilitate them after allegations of irregularities and nepotism involving the then PWD minister derailed the project.