Dharavi Redevelopment Project Pvt., which is the special purpose vehicle between the Maharashtra government and the Adani Group for redevelopment of Dharavi, has changed its name to Navbharat Mega Developers Pvt.
The rebranding decision was confirmed in a press release issued on Saturday. The move is aimed to "avoid being mistaken for the government authority in the same space, which is DRP (Dharavi Redevelopment Authority), the special planning authority of the Government of Maharashtra dealing with Dharavi's redevelopment", it stated.
Notably, the role of the Maharashtra government in the project to redevelop Dharavi remains unchanged, and the DRP continues to be the supervising authority for the ambitious project, the release clarified.
The new name of Navbharat Mega Developers has received affirmation from the entity's board of directors and the Ministry of Corporate Affairs, it added.
"The name 'Navbharat', which means “New India,” reflects the massive potential this project holds in shaping a better tomorrow. 'Mega' highlights the sheer scale and impact of the work being undertaken, while 'Developers' points to the role the company intends to play in building a thriving community," the company further said.
Notably, Navbharat Mega Developers—as the entity is now known—was set up after Adani Group had emerged as the highest bidder for the 259-hectare redevelopment project of Dharavi. The conglomerate won the project with its Rs 5,069-crore offer in the 2022 tender process.
The rebranding comes days after the developer announced that beneficiaries of the Dharavi redevelopment project will not be required to pay maintenance charges for the first 10 years.
"...to ensure a smooth transition, residents won't have to pay electromechanical maintenance charges for the first 10 years. During this period, the developer will take full responsibility for the upkeep of the societies," according to a release issued on Tuesday.
Under the project, the Maharashtra government has decided to provide free housing to eligible residents of Dharavi. Additionally, the state government will offer affordable housing to ineligible residents under the Pradhan Mantri Awas Yojana or through a hire-purchase scheme.
Additionally, the state government has planned to allocate 10% of the built-up area of rehabilitation component for commercial spaces, creating a revenue-generating model.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
