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In a significant development, the Maharashtra Government has formally granted the mega Dharavi Redevelopment Project to a subsidiary of the Adani Group. With an estimated revenue capacity of Rs 20,000 crore, the initiative encompasses the comprehensive reconstruction of the sprawling Dharavi slums situated near the Bandra Kurla Complex (BKC) business district in central Mumbai.
The monumental project, covering a span of 259 hectares, will be led by Adani Properties following a competitive bidding process conducted in November of the previous year. The bidding witnessed keen competition from real estate giants such as DLF and Naman Developers. On December 22, 2022, the Maharashtra state cabinet sanctioned the results of the bidding process, an affirmation disclosed through a government order issued by the state's Housing Development department on the following Thursday.
Adani Properties, the lead stakeholder, will establish a Special Purpose Vehicle (SPV) specifically for the project execution. The terms of the contract stipulate a seven-year completion time frame for the rehabilitation of an estimated 650,000 slum dwellers residing within an area exceeding 2.5 square kilometres.
For many years, the project was in a state of inertia despite its potential for considerable revenue generation from the sale of copious residential and commercial spaces in central Mumbai. Eight potential investors, including companies from South Korea and UAE, attended a pre-bid meeting held in October, with three of them actively bidding for the project.
The government's criteria for the winning bid mandated a consolidated net worth of at least Rs 20,000 crore. Additionally, the successful bidder must ensure complete rehabilitation, renewal, amenities provision, and infrastructure development.
The Adani Group is already a significant player in the Indian real estate industry with several ongoing projects in the financial capital. Some notable developments include a project in suburban Ghatkopar and another in Byculla, located in central Mumbai.
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