Gautam Adani, through Adani Properties, has secured the bid to spearhead the ambitious transformation of Mumbai’s Dharavi slum into a modern, world-class city, all the while preserving its unique essence and promoting inclusiveness.
The redevelopment project is set to undertake the task of resettling approximately one million residents and rehabilitating businesses to achieve its vision of revitalizing the area.
What has led to the news media reporting on this particular topic?
In the competition for the redevelopment of one of the world’s largest slum
clusters, the Adani Group has submitted a bid of Rs 5,069 crore, surpassing DLF’s
offer of Rs 2,025 crore.
In the previous year, Adani Properties, a part of the Adani Group, secured the top
position as the highest bidder for the 259-hectare Dharavi Redevelopment
Project.
In October 2022, eight bidders, including entities from South Korea and the UAE,
participated in the pre-bid meeting. Out of those, three bidders proceeded to
submit their proposals for the project. Regrettably, Naman Group, a city-based
developer, was among those whose bid failed to meet the qualification criteria.
The Dharavi Redevelopment Project
The redevelopment project is expected to cost about Rs. 23,000 crore and will be
one of the largest government-involved redevelopments in India, which will be
conducted through global tendering.
The project will take seven years to complete and will involve resettling the
650,000 residents of the 2.5 sq km area. Due to the complexities involved, the
project has been stalled for several years, but it will now enable Adani Group to
generate high revenues by selling both commercial and residential spaces in
central Mumbai.
As per the government’s requirement, Adani group will need to create a special
purpose vehicle (SPV) to oversee the execution of the project, with a phased
investment timeline. The company will also be responsible for managing the
rehabilitation, amenities, renewal, and infrastructure components of the project.
The Adani Group will begin the redevelopment project in stages, and will relocate
the current residents to temporary housing as they construct new homes for
them. Additionally, the project will include the construction of free-sale buildings
to recoup the project’s costs.
