The project, which involves redevelopment of over 3,000 existing tenements, will be undertaken under the Construction and Development (C&D) model. The selected developer, MGN Agro Properties-led consortium, has agreed to provide rehabilitated flats of around 641 sq ft to eligible residents, significantly larger than the existing small tenements.
Earlier, multiple redevelopment attempts had stalled due to financial viability issues and lack of developer interest. However, revised terms including increased carpet area for residents and additional incentives helped attract bidders, leading to the final acceptance of the consortium’s proposal.
According to the plan, the project will also include modern infrastructure, improved amenities, and additional saleable housing units to make the redevelopment financially sustainable. The approval now awaits final formalities and government clearance before full-scale construction can begin.
The redevelopment of Abhyudaya Nagar is considered one of Mumbai’s key urban renewal projects, aimed at replacing decades-old, dilapidated buildings with safer and better-planned housing for thousands of families.
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