Maharashtra govt accords final nod for Adani Properties’ Dharavi redevelopment project

economictimes.indiatimes.com:

Maharashtra has accorded the final approval to the much-awaited redevelopment of Asia's biggest slum, Dharavi, spread over 600 acres of prime land in the heart of the country's commercial capital, Mumbai. In November 2022, Adani Properties, the real estate development company owned by Gautam Adani-led Adani Group, had emerged as the highest bidder to bag the rights to redevelop the slum.

The state government has directed all concerned departments to issue orders related to work falling under their jurisdiction within a week, shows the government resolution passed to approve the selection of the developer. “Today only we have received the government resolution and accordingly the letter of award will be processed and issued soon,” SVR Srinivas, CEO, Dharavi Redevelopment Project, told ET.

Adani Properties had bid Rs 5,069 crore for the project as against the government’s stipulated minimum investment of Rs 1,600 crore that the lead partner of the special purpose vehicle (SPV) was expected to bring in. The state government had floated fresh global tenders for the much-delayed project in October 2022.

Realty major DLF and Mumbai-based Shree Naman Developers had also bid for the project, while the pre-bid meeting was attended by a total of eight entities including international players. Following the tendering process, the state government’s Committee of Secretaries had discussed and approved the proposal in a meeting held on December 15, 2022.

The Dharavi redevelopment will not only be a game changer for Mumbai but will also transform the political landscape for years to come. According to experts, the project will be a big opportunity for slum-dwellers and will also help urban planners, human rights activists, and the