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Dharavi set to get a ₹5,000-crore makeover from Adani group

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Dharavi, one of the largest slum clusters in Asia, is all set to get a makeover from Adani group.  Adani Group is set to bag Asia’s biggest slum redevelopment project – Dharavi redevelopment with a bid of ₹5,069 crore beating DLF which bid ₹2,025 crore.

Three companies had submitted bids for the redevelopment of Dharavi – Adani Realty, DLF and Naman Group. The third bidder Naman group did not qualify, according to the Dharavi Redevelopment Authority.

“Adani has bid ₹5,069 crore, DLF was ₹2,025 crore and Naman group did not qualify in the technical bidding for the Dharavi redevelopment project,” SVR Srinivas, Chief Executive Officer of Dharavi Redevelopment Project, told businessline.

SPV on cards

The Dharavi redevelopment authority will approach the State government for approvals and form a Special Purpose Vehicle for the project.

The ₹20,000-crore project is aimed to be completed in the next 17 years with rehabilitation work completed in the next seven years. The Maharashtra government floated a global tender for the redevelopment of Dharavi on October 1.

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To undertake the redevelopment project, above 40 acres of railway land will be required. A direct connection between Dharavi and the commercial hub of Bandra-Kurla Complex (BKC), too, has also been planned as a part of the project.

Locals raise concern

While the redevelopment work of Dharavi will begin, locals have raised their concerns citing the government favoring the Adani group.

“Last time when a company had bid ₹7,000 crore for the redevelopment work and Adani had bid nearly ₹4,500 crore. Everything was scrapped stating that bidding parameters are changed. The motive was to give the project to the Adani group and now it will be awarded,” said Rajendra Kode, president, of the Dharavi redevelopment committee and a resident of Dharavi, told businessline.

Residents state that they want the redevelopment work to begin soon, “We do not care as to who will be undertaking the work and we are not sure of the real estate experience of the Adani group. It is a newly incorporated company. The redevelopment work should begin soon,” added Kode.

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Published on November 29, 2022

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