Adani-Maharashtra SPV to Sell 10-12.5 Million Sq Ft Annually
Real Estate

Adani-Maharashtra SPV to Sell 10-12.5 Million Sq Ft Annually

Navbharat Mega Developers Private Limited (NMDPL), the special purpose vehicle (SPV) formed by the Maharashtra government and Adani Group for the 600-acre Dharavi redevelopment project, will sell 10 to 12.5 million sq ft of properties annually once the project is completed. The SPV aims to complete the redevelopment in seven years.

“Depending on market conditions, we will decide how much to release,” said SVR Srinivas, CEO of the Dharavi Redevelopment Project.

Adani Group holds an 80% stake in the SPV, while the Maharashtra government owns the remaining 20%. The SPV will monetize the project’s transferable development rights (TDR) and decide between selling TDR and the free-sale component. However, Srinivas refrained from specifying how much will be monetized via TDR.

Property experts believe the project will not disrupt the Mumbai real estate market due to high housing demand. “Half the people in Mumbai live in slums, and there is a continuous influx into the city. This new supply across affordable, mid, and premium housing segments will expand the market,” said Niranjan Hiranandani, founder and MD of Hiranandani Group.

The Maharashtra government is also considering a rule requiring developers in Mumbai to purchase 50% of their TDR from the Dharavi project. Srinivas noted that this regulation would aid in slum rehabilitation and redevelopment.

The total investment in the project, including rehabilitation and infrastructure, is pegged at Rs 3 lakh crore. The SPV has already secured Rs 4,000 crore from Adani Group and plans to raise further funds through compulsorily convertible preference shares (CCPS).

The first phase has begun in Matunga, where land has been acquired from the railways. The SPV has also conducted the country’s largest slum survey, numbering 90,000 households so far. The master plan is expected to be completed in the coming weeks.

Navbharat Mega Developers Private Limited (NMDPL), the special purpose vehicle (SPV) formed by the Maharashtra government and Adani Group for the 600-acre Dharavi redevelopment project, will sell 10 to 12.5 million sq ft of properties annually once the project is completed. The SPV aims to complete the redevelopment in seven years. “Depending on market conditions, we will decide how much to release,” said SVR Srinivas, CEO of the Dharavi Redevelopment Project. Adani Group holds an 80% stake in the SPV, while the Maharashtra government owns the remaining 20%. The SPV will monetize the project’s transferable development rights (TDR) and decide between selling TDR and the free-sale component. However, Srinivas refrained from specifying how much will be monetized via TDR. Property experts believe the project will not disrupt the Mumbai real estate market due to high housing demand. “Half the people in Mumbai live in slums, and there is a continuous influx into the city. This new supply across affordable, mid, and premium housing segments will expand the market,” said Niranjan Hiranandani, founder and MD of Hiranandani Group. The Maharashtra government is also considering a rule requiring developers in Mumbai to purchase 50% of their TDR from the Dharavi project. Srinivas noted that this regulation would aid in slum rehabilitation and redevelopment. The total investment in the project, including rehabilitation and infrastructure, is pegged at Rs 3 lakh crore. The SPV has already secured Rs 4,000 crore from Adani Group and plans to raise further funds through compulsorily convertible preference shares (CCPS). The first phase has begun in Matunga, where land has been acquired from the railways. The SPV has also conducted the country’s largest slum survey, numbering 90,000 households so far. The master plan is expected to be completed in the coming weeks.

Next Story
Real Estate

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Next Story
Infrastructure Transport

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

Next Story
Infrastructure Urban

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?