Mumbai’s Dharavi is set for a makeover as Adani Group has won the bid for the redevelopment of one of the largest slum clusters in Asia. Financial bids for the global tender floated on October 1 for the Dharavi redevelopment project were opened today.
“We got three bids of which we opened two financial bids of Adani and DLF as Naman Group did not qualify in the technical bidding. The bid by Adani Group was for Rs 5,069 crore and DLF was Rs 2,025 crore. We will now further go with the approval from the state government and also form a special purpose vehicle (SPV) for the redevelopment of Dharavi,” said SVR Srinivas, Chief Executive Office of Dharavi Redevelopment Project as reported by Moneycontrol.
Three companies– Adani Realty, DLF and Naman Group– had submitted bids for the redevelopment of Dharavi and rehabilitation of slum dwellers. Several attempts were made in the last 15 years for the redevelopment of Dharavi but the project will take off now.
The Maharashtra government hopes to finish the project in the next 17 years and complete rehabilitation in the next seven years. Overall, more than 10 million square feet is expected to come up as part of the Dharavi redevelopment project, Moneycontrol reported.
Besides Indian firms, companies from the UAE and South Korea had also shown interest in the project during the pre-bid meeting on October 11.
The state government has made at least four attempts by floating bids for the Dharavi redevelopment in the last 15 years. However, the bids never materialised.
Dharavi is located in Central Mumbai in close proximity to the commercial hub, Bandra Kurla Complex, and south Mumbai. Spread across 300 acres, Dharavi is one of the most densely populated slums in the world. The area is hub for several small-scale, unorganised industries that manufacture medicines, leather, footwear, and clothes.
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