Dharavi, one of Asia’s largest slum clusters, is all set to get a makeover from the Adani Group. Adani Group is all set to execute Asia’s largest slum redevelopment project – the Dharavi redevelopment with a bid of ₹5,069 crore, ahead of DLF, which bid ₹2,025 crore.
Three companies have submitted bids for the redevelopment of Dharavi – Adani Realty, DLF and Naman Group. The third bidder Naman group did not qualify according to the Dharavi Redevelopment Authority.
“Adani offered ₹5,069 crore, DLF was ₹2,025 crore and Naman group did not qualify in the technical bidding for the Dharavi Redevelopment Project,” said SVR Srinivas, CEO, Dharavi Redevelopment Project business line.
SPV of 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 is targeted to be completed in the next 17 years, with rehabilitation works to be completed in the next seven years. The Maharashtra government has announced a global tender for the redevelopment of Dharavi on October 1.
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Over 40 acres of railroad land would be needed to undertake the redevelopment project. A direct link between Dharavi and the commercial hub of the Bandra-Kurla Complex (BKC) is also planned as part of the project.
Locals express concern
Even as work on the redevelopment of Dharavi is set to begin, locals have expressed their apprehensions, citing the government’s preference for the Adani group.
“Last time a company had bid ₹7,000 crore for the redevelopment work and Adani had bid close to ₹4,500 crore. All were scrapped stating that the bidding parameters had been changed. The motive was to give the project to the Adani group and now it will be awarded,” Rajendra Kode, president of the Dharavi Redevelopment Committee and a resident of Dharavi, told business line.
Residents say they want the redevelopment activities to start soon, “We don’t care who will take up the work and we are not sure about Adani Group’s experience with real estate. This is a newly established company. The redevelopment work should start soon,” Kode added.
Posted on November 29, 2022