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Adani Properties awarded the Dharavi redevelopment project
With an initial investment of Rs 50.69 billion, the Adani Group has won the bid to redevelop Dharavi, one of the world's largest slum clusters.
Adani Group won the bid with a bid of Rs 5,069 crore, DLF Group submitted a bid of Rs 2,025 crore, and Naman Group's bid was not opened due to technical reasons.
Adani Group's bid is only for the initial investment in the Rs 200 billion project, and the company will be required to form a special purpose vehicle under the bid criteria (SPV). Following that, 20 per cent of the initial investment must be submitted before signing the development agreement, with an additional 20 per cent due upon submission of an integrated master plan.
The Maharashtra government is attempting to build Asia's largest slum cluster for the fourth time in the last 18 years, which will house close to 58,000 families and 12,000 commercial establishments. The redevelopment plan is an integrated residential, commercial, and industrial development approach with a floor space index of more than 4.
