The firm wins the Dharavi Rehabilitation Project in Mumbai with a bid of 5,069 crores, outbidding DLF, who had offered 2,025 crores for the redevelopment of one of the greatest slum sprawls in the world.
The Adani Group, with an initial investment of Rs 5,069 crore, has been awarded the contract for redeveloping Dharavi, the largest slum cluster in Asia, located in Mumbai. SVR Srinivas, the commissioner of the Maharashtra Housing and Area Development Authority and the chief executive of the Dharavi Rehabilitation Project, verified the development.
According to him, the bid is for the entire $20 billion project, which will take seven years to complete and will rehabilitate the 6.5 lakh slum inhabitants who currently occupy a 2.5 sq kilometre area.
The corporation must create a special purpose vehicle (SPV) in accordance with the bidding requirements, in which the state government will own a 20% stake and the winning bidder (in this case, the Adani Group), an 80% ownership.
One of the biggest slum clusters in the world has been redeveloped slowly over time. According to The Indian Express, the BJP-Shiv Sena government first suggested redeveloping the area in 1999.
There have been numerous unsuccessful attempts to revitalise the area, which is home to 12,000 commercial establishments and close to 58,000 households. At 2.1 sq km, it has nearly 10 lakh inhabitants, making it one of the world’s densestly populated areas.
The developer is responsible for taking care of amenities, infrastructure, and repair and renewal.
Mr. Adani already has a real estate division in the nation, and it has already completed or is now completing projects in the nation’s financial capital, including ones in the downtown Mumbai neighbourhood of Byculla and the suburban Ghatkopar.
