MUMBAI: Integrated business conglomerate Adani Group has bagged the most sought-after project for the redevelopment of Mumbai’s Dharavi area, one of the largest slum clusters in Asia.
Dharavi is known to be a hub for several small-scale, unorganised industries that manufacture medicines, leather, footwear, and clothes. Located in Central Mumbai, it is in close proximity to the commercial hub, Bandra Kurla Complex, and South Mumbai. The Dharavi slum is spread over roughly 620 acres and is sandwiched between the city’s new financial district and its main airport. It is not clear, however, that how much land the winning bidder could acquire.
Recently the Maharashtra Government opened financial bids for the Dharavi redevelopment project. It had got three bids, out of which two, of Adani and DLF, were opened. The third bidder, Naman Group, did not qualify in the technical bidding. The bid by Adani Group was for Rs 5,069 crore and DLF’s was Rs 2,025 crore.
With the selection of the successful bidder, the redevelopment of Dharavi will finally take off now, after multiple failed attempts during the last 15 years. The Maharashtra Government aims to finish the project in the next 17 years and complete rehabilitation in the next seven years. Overall, more than 10 million sq. ft. is expected to come up as part of the project.