Maharashtra has approved the Adani Group's bid for the redevelopment of Dharavi, one of Asia's largest slums, taking the project a step closer to reality after delays of more than two decades.
The state has issued the government resolution awarding the project to Adani, SVR Srinivas, chief executive of Dharavi Rehabilitation Scheme, told BQ Prime. The letter of award will be issued soon, he said.
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Adani Group's real estate arm had won the project in November after quoting Rs 5,069 crore. While DLF Ltd. made an offer of Rs 2,025 crore, the Naman Group did not qualify in technical bidding.
The project, expected to cost around Rs 23,000 crore, will be one of the largest redevelopments by a government agency in India through global tendering. It will require the rehabilitation of existing tenants.
The Maharashtra government notified the entire area as an undeveloped area and appointed a special planning authority. The selected lead partner through global bidding has to create a special purpose vehicle with 80% equity, or Rs 400 crore, and the Maharashtra government will hold 20% equity, or Rs 100 crore.
The special purpose vehicle will construct free housing for eligible slum-dwellers, along with amenities and infrastructure mentioned in the terms and conditions of the bid document.
Dharavi, a sprawl of shanties spread over 240 hectares in the prime Central Mumbai area, has a population of 8 lakh and over 13,000 small businesses.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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