Adani Group wins Dharavi redevelopment project with Rs 5,069 crore bid
During the pre-bid meeting on October 11, eight companies from India, the United Arab Emirates (UAE), and South Korea expressed interest in the redevelopment of Dharavi. However, only three bids were submitted for the redevelopment.
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FollowAdani Properties, led by Gautam Adani, has won the bid for India's largest redevelopment project, the renovation of Asia's second-largest slum cluster, Dharavi. On November 29, Maharashtra government officials opened financial bids for the Dharavi redevelopment.
"We got three bids, of which we opened two financial bids of Adani and DLF, and Naman Group did not qualify in the technical bidding," said SVR Srinivas, Chief Executive Officer of Dharavi Redevelopment Project. "Adani Group bid Rs 5,069 crore, while DLF bid Rs 2,025 crore. We will proceed with the state government's approval and forming a special purpose vehicle (SPV) for Dharavi redevelopment."
Adani Realty, DLF, and Naman Group had all submitted bids for the redevelopment of Dharavi and the rehabilitation of slum dwellers. Dharavi's redevelopment will finally take off after multiple attempts over the last 15 years.
The highest initial investment determines the winner of the over Rs 20,000 crore project. The Maharashtra government intends to complete the project in 17 years and to begin rehabilitation in seven years. The Dharavi redevelopment project is expected to add more than 10 million square feet.
Following a failed attempt in 2019, the Maharashtra government issued a global tender for the redevelopment and rehabilitation of Dharavi on October 1. During the pre-bid meeting on October 11, eight companies from India, the United Arab Emirates (UAE), and South Korea expressed interest in the redevelopment of Dharavi. However, only three bids were submitted for the redevelopment.
The Maharashtra government has made at least four bids for redevelopment in the last 15 years; however, the bids have yet to be successful.
Dharavi, which covers approximately 300 acres, is a hub for several small-scale, unorganised industries that produce medicines, leather, footwear, and clothing. It is centrally located in Mumbai, close to the commercial hub of the Mumbai Bandra Kurla Complex and south Mumbai.
Dharavi, with an estimated population of one million, is one of the world's most densely populated slums and was severely impacted by the pandemic. The area gained a lot of popularity in 2008, following the release of the film 'Slumdog Millionaire,' which won several awards.
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