Adani Group gets Dharavi Redevelopment Project, Govt formally declared

And the tender goes to the Adani group..!

The government officially selects Adani Group to complete the Dharavi Redevelopment Project. Adani already has a real estate division in the nation, and it has completed or is currently completing a number of projects in the nation’s financial centre, including one in the outlying neighbourhood of Ghatkopar and another in the Byculla neighbourhood of central Mumbai.

In the venture for which a special-purpose vehicle will be created, Adani Properties will serve as the principal partner. A company affiliated with the Adani Group has been officially chosen by the Maharashtra government to complete the 259-hectare Dharavi Redevelopment Project.

The project entails rehabilitating the sprawling Dharavi slum neighbourhood in central Mumbai, which is close to the BKC commercial zone and is said to have a revenue potential of Rs 20,000 crore. Adani Properties got it in November of last year after fighting against other prominent real estate players including DLF and Naman Developers.

According to a government resolution (order) issued by the Housing Development Department on Thursday, the state cabinet accepted the results of the bidding procedure on December 22, 2022, and the rights are now being granted as a result. The project for which a special-purpose vehicle will be created will have Adani Properties as its principal partner.

The bid is for the complete project, with a seven-year completion window for rehabilitating the 6.5 lakh slum residents who occupy an area larger than 2.5 sq km.

The project was in limbo for many years, but it will now help the winning bidder earn large profits by selling lakhs of square feet of residential and commercial space in central Mumbai. Adani claims the Hindenburg report was intentionally misleading and that short sellers benefited from the decline in stock prices.

Three of the eight bidders who attended the pre-bid meeting in October, which included organizations from South Korea and the UAE, actually submitted a proposal for the project. To select the winning proposal, the government required a minimum combined net worth of Rs 20,000 crore. The successful bidder is responsible for taking care of the infrastructure, facilities, and rehabilitation.