INDIA: The much delayed Dharavi redevelopment gets the green signal, and The Adani Group becomes the highest bidder of the Dharavi Redevelopment Project.
The largest slum in the world, Dharavi, has a population of 1 million. Over 6.5 lakh slum dwellers who are scattered in over 2.5 sq km live in the city’s new financial district.
The Adani Group’s bid for the entire ₹20,000-crore project is ₹5,069 crore, which will take seven years from now. The mega project will bring high revenues to Adani Group by selling lakhs of square feet of residential and commercial space in central Mumbai.
Previously, back in the 1990s, the government initiated a plan to kick off the remodeling of the slum area; however, due to different complexities, it kept on delaying. The densely populated area shares 80 common toilets for the people.
Now Adani will restructure the 259-hectare project. The CEO of the Dharavi Redevelopment Project said, “The outbid DLF Ltd, which quoted ₹2,025 crores, SVR Srinivas.”
According to SVR Srinivas, “We will now be sending the details to the government, which will consider and give final approval.” The CM of Maharashtra, Eknath Shinde, will give a final nod within a few weeks.
Dharavi is about 5 km from Mumbai’s business district that’s home to India’s biggest stock exchange. The dwellers in Dharavi are mostly migrant labourers who work for daily wages or who come to Mumbai for earning daily bread.
The plan to revamp Daravi was made by Mukesh Mehta, chairman of MM Project Consultants Private Limited. In 2004, Chief Minister Vilasrao Deshmukh announced the Dharavi redevelopment project, but it has been stuck for the past 18 years. But now, the project will be done under the banner of Adani Group.
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