According to a latest development, Adani Group has won the bid for the redevelopment of Mumbai's Dharavi, one of the largest slum clusters in Asia.
On Tuesday, November 29, the Maharashtra government opened the financial bids for the Dharavi redevelopment project.
Later in the day, it came to light that Adani Properties, real estate development company owned by Gautam Adani-led Adani Group, has bagged the rights to redevelop Dharavi, which is spread over 600 acres of prime land in the heart of the country's commercial capital, Mumbai.
With this bringing a major relief, the redevelopment of Dharavi will now begin after numerous failed attempts over the past 15 years.
For those unversed, after an unsuccessful attempt in 2019, the Maharashtra government launched a global tender on October 1 for the development and rehabilitation of Dharavi.
Overall, eight companies from India, the United Arab Emirates (UAE), and South Korea evinced interest in the redevelopment of Dharavi in the pre-bid meeting conducted on October 11.
However, only three companies submitted bids for the redevelopment namely Adani Realty, DLF, and Naman Group.
"We got three bids of which we opened two financial bids of Adani and DLF as Naman Group did not qualify in the technical bidding. The bid by Adani Group was for INR 5,069 crore and DLF was INR 2,025 crore. We will now further go with approval from the state government and also form a special purpose vehicle (SPV) for Dharavi redevelopment,” SVR Srinivas, Chief Executive Office of Dharavi Redevelopment Project was quoted by Moneycontrol.
The winner of the INR 20,000-crore project is decided on the basis of the highest initial investment pledge.
The Maharashtra government aims to finish the project in the next 17 years and complete rehabilitation in the next seven years. Overall, more than 10 million sq ft is expected to come up as part of the Dharavi redevelopment project.
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