India, Sept. 16 -- After two failed attempts, Abhyudaya Nagar at Kalachowki might finally be redeveloped as three developers have shown interest in the third tender floated by the Maharashtra Housing and Area Development Authority (Mhada).

The tender, floated under the the Construction and Development Agency model expects a response from developers who are willing to bear the entire cost of rehabilitating the existing inhabitants. The developers will have to provide amenities as well as infrastructure to the current residents and then build saleable homes to recover the cost of the development and make a profit.

As per Mhada, the three interested developers are Oberoi Realty, Mahindra Lifespaces and MGN Agro Properties. MGN Agro Propert...