Adani Group offers Dharavi redevelopment project with a bid of ₹5,069 cr | News Bharat

The group has placed a ₹5,069 crore bid to redevelop one of the world’s largest slums, overtaking DLF, which had quoted ₹2,025 crore, project CEO SVR Srinivas said.

“We will now send the details to the government, which will consider and give final approval,” he told PTI, adding that the Eknath Shinde government would approve it in a few weeks.

The offer is for the whole ₹20,000 crore project and the total timeline for the project is seven years to rehabilitate 6.5 lakh slum dwellers who are spread over an area of ​​2.5 sq km at present, he said.

The project, which will help the winning bidder register high revenue through the sale of thousands of square feet of residential and commercial space in central Mumbai, has been in limbo for many years due to its complexity.

Eight bidders, including organizations from South Korea and the UAE, attended a preliminary meeting held in October, and three of them actually bid for the project. Naman Group, a city-based developer, was the third whose bid did not meet the requirements.

The government is aiming for a consolidated net worth of a minimum ₹20,000 crore to select the winning bid and is likely to assess both technical and financial feasibility before awarding the project to the highest bidder.

The winning bidder is required to form a special purpose vehicle (SPV) to implement the project and the phased schedule of investment has also been set by the government. The entrepreneur has to take care of the rehabilitation, renovation, amenities and infrastructural components.

Adani already has a real estate arm in the country that has already executed or is in the process of executing projects in the financial capital, including one in suburban Ghatkopar and another in Byculla in central Mumbai.

This story was published by a wire agency feed with no text changes. Only the title has been changed.