Rs 1,000 crore redevelopment deal cooking

MUMBAI: Redevelopment of a large Mhada colony in Goregaon (West) may have turned into a goldmine for private developers. Mumbai-based construction company HDIL is said to be selling about 20 lakh sq ft in the Siddharth Nagar Colony to four developers for close to Rs 1,000 crore. The buyers are Ekta, Kalpataru, Bhoomi and Haresh Sanghvi. The Mhada colony is spread over 45 lakh sq ft.
HDIL denied the deal. "No such transaction has taken place,” said MD Sarang Wadhawan. A Kalpataru spokesperson said talks were on with HDIL. "We are negotiating,” said the spokesperson. The deal with Ekta is in the region of Rs 400 crore, it is learnt.
A senior Mantralaya official said that on record, Siddharth Nagar’s official developer is Guru Ashish. "Guru Ashish had informed Mhada it had appointed HDIL as project manager,” the official said.