Dharavi in Mumbai to see redevelopment

by Subhechcha Ganguly
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The rights to reconstruct Dharavi, the largest slum in Asia that is stretched across 600 acres of prime property in the centre of the nation’s commercial city, Mumbai, have been acquired by Adani Properties, a real estate development business controlled by Gautam Adani-led Adani Group. The Maharashtra government opened financial bids for the Dharavi redevelopment project on November 29.

“We received three offers, of which we opened two financial bids of Adani and DLF as Naman Group could not qualify in the technical bidding,” said SVR Srinivas, Chief Executive Officer of the Dharavi Redevelopment Project. Adani Group offered Rs 5,069 crore, while DLF offered Rs 2,025 crore. Following the state government’s consent, we will go forward with the development of Dharavi by creating a special purpose vehicle (SPV).

The project worth Rs 20,000 crores will be awarded to the bidder with the biggest initial investment commitment. The project is expected to be finished in 17 years, while the rehabilitation process should be finished in 7 years, according to the Maharashtra government. The Dharavi redevelopment project is anticipated to result in the construction of more than 10 million square feet overall. The project has been in limbo for many years due to its complexity. The winning bidder will be able to generate large income by selling lakhs of square feet of residential and commercial space in downtown Mumbai.One of the world’s most densely populated neighbourhoods, Dharavi is home to about 58,000 people and 12,000 businesses.

 

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