From Shantigram to Dharavi: How the rise of Adani’s realty play threatens DLF
₹5,069 crore. The revamp involves the daunting task of resettling an estimated million people. The ongoing survey, based on which home eligibility for the slum dwellers will be decided, is critical for the project’s future, and for that, the support of Dharavikars is key.
Gautam Adani, the chairman of the ports-to-power conglomerate Adani Group, was seeking that support through his statement. If successfully executed, the project will give Adani Properties access to prime land in the heart of Mumbai, which property consultants said is equivalent to developing over 150 real estate projects. And it would establish the company as a key mover and shaker in India’s booming real estate market.
Adani Group’s realty play is fairly new—just 14 years old. Until 2013, the real estate business was part of Adani Enterprises Ltd, Adani Group’s flagship company. Then it came to be housed under Adani Properties, which is held by the promoters and operates under the brand name Adani Realty.
Over the last four years, the brand has started scaling up faster, coinciding with the housing boom and consolidation in the market. Apart from the Mumbai Metropolitan Region (MMR), today, it has real estate projects in Pune, Ahmedabad and Delhi-national capital region (NCR). The project portfolio totals 200 million sq.
ft, of which around 23 million sq. ft is developed, a person familiar with the company’s plans informed. He didn’t want to be identified.
Over 40 million sq. ft is under development and around 130 million sq. ft is earmarked for potential future development.
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