Monday, May 27, 2024

Adani to develop Dharavi slums at a cost of over Rs 5,000 crores

Gautam Adani-led Adani Properties has bagged India’s one of the biggest redevelopment project,  the revamp of the second largest slum colony in Asia – Dharavi.

According to sources, Adani Properties quoted Rs 5,069 crore as its investment in the project making it the highest bidder.

The project’s bidding criteria was kept on the basis of the highest investment amount quoted, over the stipulated Rs 1,600 crore.

The other two bidders that were in the fray were DLF and Shree Naman Developers. In the two months since the plan was floated for proposals from across the world, a total of eight companies had shown interest in taking up the project, including international players.

Unlike the previous instance, Maharashtra government’s latest attempt to redevelop Dharavi has drawn interest from domestic real estate players.

In September, Adani Group’s Chairman Gautam Adani had met Uddhav Thackeray at the latter’s residence- Matoshree and another meeting was with Chief Minister Eknath Shinde.

An area of 240 hectares of prime land right next to the existing commercial business district of Bandra Kurla Complex will undergo the change. It involves the rehabilitation of the families and commercial units in Dharavi.

The developer is also supposed to acquire 24.62 hectares of private land, except for the already developed areas within sectors one to four inside Dharavi.

In the Special Purpose Vehicle, private players will hold 80% equity, and the state government balance 20%. In lieu of the free housing component for around 60,000 families and 13,000 commercial units, the private company will be permitted a Floor Space Index of 4 among other concessions, better charges, inspection charges, layout deposit amount, usage of extra FSI anywhere in Mumbai, refund of state GST, among others. Each slum owner will be entitled to a minimum of 405 sq. ft. unit of carpet area.

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