Adani Group wins Mumbai’s Dharavi Redevelopment Project with Rs. 5,069 crore bid

Adani group has put in a Rs. 5,069 crore bid for the redevelopment of one of the largest slum sprawls in the world, outbidding DLF which had quoted Rs. 2,035 crores.

Dharavi Redevelopment Project
Dharavi Redevelopment Project

Dharavi Project: The Adani Group has emerged as the highest bidder for the 259-hectare Dharavi Redevelopment Project.

Adani group has put in a Rs. 5,069 crore bid for the redevelopment of one of the largest slum sprawls in the world, outbidding DLF which had quoted Rs. 2,035 crores.

As per the Chief Executive Officer of the project, SVR Srinivas, the details will now be sent to the Government which will consider and will give its final approval. Notably, the bid is for the entire Rs. 20,000 crore redevelopment project.

Bidding for Mumbai’s Dharavi Redevelopment Project: Key Details

1. Eight bidders, including the entities from South Korea and UAE, had attended the pre-bid meeting which was held in October 2022 and three of them had actually bid for the project. Naman Group, a city-based developer, was the third whose bid did not qualify.

2. The State Government has sought a consolidated net worth of a minimum of Rs. 20,000 crores to choose the winning bid and is likely to evaluate both the technical and the financial eligibility before awarding the project to the highest bidder.

3. The winning bidder is required to form a Special Purpose Vehicle for executing the project and a staggered timeline of the investments has also been stipulated by the Government.

Mumbai’s Dharavi Redevelopment Project

1. The bid is for the entire Rs. 20,000 crore project and the total timeline for the project is 7 years to rehabilitate the 6.5 lakh slum dwellers who are spread over a 2.5 sq km area right now.

2. The project has been in limbo for many years now because of its complexities.

3. It will help the winning bidder to take high revenues by selling lakhs of square feet of residential and commercial space in Central Mumbai.

4. The developer of the project has to take care of the rehabilitation, amenities, renewal, and infrastructure components.

Adani Group

Gautam Adani already has a realty arm in India, which has already executed or is in the process of executing projects in the financial capital, including one in Suburban Ghatkopar and another in Central Mumbai’s Byculla.

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