Dharavi redevelopment, infra to see Rs 3 lakh crore investment, says project CEO Srinivas
SVR Srinivas, CEO of the Dharavi Redevelopment Project (DRP) under the Slum Rehabilitation Authority, government of Maharashtra.
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An Adani Group entity holds an 80% stake in Navbharat Mega Developers Pvt Ltd (NMDPL), the company that is undertaking the project, while the state government controls the remaining 20%. NMDPL or erstwhile Dharavi Redevelopment Project Pvt Ltd (DRPPL) has already invested around Rs 1,000 crore in the project.
“The total investment in this entire project is estimated to the tune of close to Rs 3 lakh crore. Of this total investment, Rs 25,000 crore will go towards the rehabilitation component alone. The funds will be mobilised through CCDs (Compulsorily Convertible Debentures) or CCPS (Compulsorily Convertible Preference Shares),” Srinivas said.
The entity has already mobilised over Rs 2,000 crore through CCDs and is in the process of raising additional up to Rs 3,000 crore for the project.
“We are open to the idea of bringing in other developers, through either revenue or space share alliance, for developing smaller land parcels in the project by assuming the role of the master planner. We will monetise the Transferable Development Rights (TDRs) generated through the project, apart from this, the free sale component will also support the project’s financing,” Srinivas told ET.
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