Adani Properties gets Rs 5,069 cr contract to redevelop Dharavi

Adani Group: The restoration of Dharavi, the second-largest slum colony in Asia, would be completed by Gautam Adani-led Adani Properties, according to Moneycontrol.

The Dharavi reconstruction project, which is billed as one of the largest redevelopment projects in India, had its financial bids launched by Maharashtra government authorities on November 29. According to reports, the highest bidder, Adani Properties, offered to invest Rs 5,069 crore in the project.

The highest quoted investment amount over the required Rs 1,600 crore served as the foundation for the project’s bidding criteria. The other two bidders were DLF and Shree Naman Developers.

SVR Srinivas, Chief Executive Office of Dharavi Redevelopment Project said, “We got three bids of which we opened two financial bids of Adani and DLF as Naman Group did not qualify in the technical bidding. The bid by Adani Group was for Rs 5,069 crore and DLF was Rs 2,025 crore. We will now further go with the approval from the state government and also form a special purpose vehicle (SPV) for the redevelopment of Dharavi.”

The selection of the successful bidder will shortly lead to the start of Dharavi’s rehabilitation after multiple unsuccessful attempts over the past 15 years.

The Maharashtra government estimates that the project would be completed in 17 years and the rehabilitation procedure will be completed in 7 years. It is estimated that more than 10 million square feet of construction will be completed as a result of the Dharavi redevelopment project.

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After an unsuccessful attempt in 2019, the state government published a global tender on October 1 for the development and rehabilitation of Dharavi.

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