Gautam Adani-led Adani Properties on Tuesday won the bid to renovate Dharavi, Asia’s second-largest slum colony, it said Moneycontrol.
Maharashtra government authorities on November 29 opened the financial bids for the Dharavi redevelopment project, touted as one of the largest redevelopment projects in India.
Adani Properties, the highest bidder, has reportedly offered Rs 5,069 crore as its investment in the project.
The bidding criteria for the project was kept on the basis of the highest quoted investment amount, above the projected Rs 1,600 crore.
DLF and Shree Naman Developers were the other two bidders in the running.
SVR Srinivas, CEO, Dharavi Redevelopment Project said, “We received three bids out of which we opened two financial bids to Adani and DLF as Naman Group did not qualify in the technical bidding. Adani Group’s bid was for Rs 5,069 crore and DLF’s was Rs 2,025 crore. We will now proceed with the approval of the state government and also form a special purpose vehicle (SPV) for the redevelopment of Dharavi.”
After numerous failed attempts over the past 15 years, the restoration of Dharavi will soon begin with the selection of the winning tender.
The project is expected to be completed in 17 years, while the rehabilitation process should be completed in seven years, according to the Maharashtra government. The Dharavi redevelopment project is expected to result in the construction of more than 10 million square feet in total.
The state government on October 1 announced a global tender for the redevelopment and rehabilitation of Dharavi after a failed attempt in 2019.