The Maharashtra government has formally handed over the Dharavi redevelopment project to an Adani group company. Under this project, the 259-hectare Dharavi slum located in central Mumbai is to be rehabilitated at a cost of Rs 20,000 crore. The competitive bidding for the scheme was won by Adani Properties in November last year. DLF and Naman Developers participated in it. The state cabinet had approved the result of the bidding process on December 22, 2022.

The completion of the Dharavi redevelopment project will enable the company to generate higher revenue by selling lakhs of square feet of residential and commercial complexes in central Mumbai. The Housing Development Department of the Government of Maharashtra, through an order issued on Thursday, granted the rights to the Adani Group. Under this project, 6.5 lakh slum dwellers living in an area of more than 2.5 sq km are to be rehabilitated in a time frame of seven years. The company will rehabilitate, renovate, develop amenities and infrastructure components of Dharavi. For this, the government had sought a minimum consolidated net worth of Rs 20,000 crore from the winning bidder.

The Adani company will have to form a special purpose vehicle (SPV) to carry out the project. Along with this, a systematic timeline of investment has also been set by the government. The company will have to take care of all the components of the facilities and infrastructure during the construction of the buildings. The redevelopment of Dharavi slum will begin in phases. The Adani group will first have to shift the people living here to temporary camps. After this, the construction work of these buildings will start.

Let us tell you, Adani Group has already got the work of two development projects in the country's financial capital Mumbai. One is in suburban Ghatkopar and the other in Byculla in central Mumbai.