Adani Realty, the real estate arm of the ports-to-power conglomerate Adani Group has won the bid for the ambitious Dharavi redevelopment project that seeks to transform Asia’s second-largest slum cluster. The Adani group quoted Rs 5,069 crore for this project followed by Rs 2,025 crore quoted by the DLF group.
There were three bidders in total, however, only Adani and DLF were qualified in the final bidding since the other was disqualified for not meeting the eligibility criteria. The Dharavi Redevelopment Project is one of the most ambitious projects in India, which aims at transforming Asia’s second-largest slum cluster into a modern and vibrant residential area with commercial and recreational facilities.
The project will be implemented in two phases. The first phase would involve the redevelopment of up to 574 acres in Dharavi, which includes the development of basic infrastructures like roads, drainage, and sewerage systems. The second phase aims at the redevelopment of another 289 acres.
Adani Properties, the highest bidder, reportedly offered Rs 5,069 crore as its investment in the project. The project’s bidding criteria were kept based on the highest investment amount quoted, over the stipulated Rs 1,600 crore. The project is expected to be finished in 17 years, while the rehabilitation process should be finished in seven years, according to the Maharashtra government.
The Dharavi redevelopment project is anticipated to result in the construction of more than 10 million square feet overall. The state government on October 1 floated a global tender for the redevelopment and rehabilitation of Dharavi after a failed attempt in 2019.