Dharavi set to get a ₹5,000-crore makeover from Adani group
Dharavi, one of the largest concentrations of slums in Asia, is about to get a makeover from the Adani group. Adani Group is set to carry Asia’s largest slum redevelopment project – Dharavi redevelopment with a bid of ₹5,069 crore beating DLF who bid for ₹2,025 crore.
Three companies have submitted bids for the redevelopment of Dharavi – Adani Realty, DLF and Naman Group. The Nauman Group which placed in the third bid did not qualify, according to the Dharavi Redevelopment Authority.
SVR Srinivas, CEO of the Dharavi Redevelopment Project stated, “Adani submitted a bid of ₹5,069 crore, DLF was ₹2,025 crore, and Naman Group did not qualify in the technical bid for the Dharavi Redevelopment Project.” Business line.
SPV is on the cards
The Dharavi Redevelopment Authority will approach the state government for approvals and form a special purpose vehicle for the project.
The Rs 20,000 crore project aims to be completed in the next 17 years with rehabilitation works to be completed in the next seven years. The Maharashtra government has launched a global tender for the redevelopment of Dharavi on 1 October.
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To carry out the redevelopment project, more than 40 acres of railway land will be required. A direct link between Dharavi and the commercial hub of the Bandra-Kurla Complex (BKC) is also planned as part of the project.
The locals are worried
While the Dharavi redevelopment work will commence, local residents have raised concerns citing the government’s preference for the Adani group.
“Last time a company bid Rs 7,000 crore for redevelopment work and Adani had bid close to Rs 4,500 crore. Everything was canceled citing change of bid parameters. Rajendra Kodi, Chairman of Dharavi Redevelopment Commission and a Dharavi resident, said, “It was The motive is to award the project to the Adani Group and now it will be awarded.” Business line.
Residents say they want the redevelopment work to start soon, “We don’t care who will take over the work and we are not sure about the real estate experience of the Adani Group. It is a newly registered company. The redevelopment work should start soon,” Kode added.