Adani Realty is preparing to launch its most ambitious real estate venture to date, a township project adjacent to the upcoming Navi Mumbai International Airport, which is also being developed by Adani Group. The project is expected to cover over 1,000 acres and be Adani's biggest real estate venture to date.
A township twice as large as the Dharavi redevelopment
The Panvel-based township will be almost twice the size of the group's 600-acre Dharavi redevelopment project in Mumbai. It is anticipated that the mega township, which has been in development for over ten years, will revolutionize the Navi Mumbai real estate market.
Adani Realty's flagship township in Ahmedabad, Shantigram, which opened in 2010, is being redesigned as the Navi Mumbai project, now known as Adani Panvel.
The Navi Mumbai township is expected to require over ₹10,000 crore in investment, more than doubling that of Shantigram. "The project is currently known as Adani Panvel, but the name and format were inspired by Shantigram," a source told.
Set the strategy in motion
Although the official launch is scheduled for after the opening of the Navi Mumbai International Airport, preparations are already underway.
"The sales office is ready. The company wants to create a buzz right away and is considering which products, apartments or plots, to launch first." Another source confirmed that the project will not be launched until after the airport has been inaugurated.
Prior to its public debut, Adani Realty is focused on obtaining all necessary regulatory approvals and constructing critical infrastructure. This includes a new access road that will connect the township directly to the nearby expressway, providing better accessibility.
A decade of aggressive expansion
Adani Realty entered the real estate market approximately 15 years ago. The real estate company was formerly a division of Adani Enterprises Ltd. and is currently run by Adani Properties under the Adani Realty brand.
The company has expanded its real estate business in recent years, taking advantage of India's rising housing demand. It debuted 9 PBR, a high-end residential development with nine high-rises along Palm Beach Road, in Nerul, Navi Mumbai, last year.
According to a report from April 2024, Adani Realty's portfolio has exceeded 200 million square feet, with 130 million square feet set aside for future development.
The company is also making an impact in Mumbai's high-stakes redevelopment market. It recently became the top bidder alongside MHADA for the ₹36,000 crore Motilal Nagar redevelopment in Goregaon. For more than ₹170 crore, Adani purchased a desirable 1.1-acre plot on Carmichael Road in South Mumbai.
According to Adani Realty, a company that specializes in big, residential-focused projects, the Navi Mumbai township represents a substantial advancement over Shantigram. "Having established itself as a real estate brand, it can command a pricing premium over other projects," added a source.
