A senior official announced on Tuesday that the Adani Group has emerged as the highest bidder for the 259-hectare Dharavi Redevelopment Project.S V R Srinivas, the project’s chief executive, said the group outbid DLF, which had offered Rs 2,025 crore, with a bid of Rs 5,069 crore for the redevelopment of one of the biggest slum sprawls in the world. The Eknath Shinde government will approve it in a few weeks, he said, adding that we will now be forwarding the information to the government, which will examine and provide final clearance.According to him, the bid is for the entire Rs 20,000 crore project, which would take a total of seven years to complete and will rehabilitate the 6.5 million slum inhabitants who currently occupy a 2.5 sq km area.
Video Courtesy: Republic World
The project has been in limbo for many years due to its complexity. The winning bidder will be able to generate large income by selling lakhs of square feet of residential and commercial space in downtown Mumbai. Three of the eight bidders who attended the pre-bid meeting in October, which included organisations from South Korea and the UAE, actually submitted a proposal for the project. The third bid that didn’t meet the criteria came from a city-based firm named Naman Group. The government is likely to consider both technical and financial suitability before selecting the winning bidder and has set a minimum consolidated net worth requirement of Rs 20,000 crore.A special purpose vehicle (SPV) must be created by the successful bidder in order to carry out the project, and the government has also established a staggered schedule for investment. The developer is responsible for taking care of amenities, infrastructure, and repair and renewal.Adani already has a real estate division in the nation, and it has either completed or is currently completing projects in the nation’s financial metropolis, including ones in the downtown Mumbai neighbourhood of Byculla and the suburban Ghatkopar.The project is expected to be finished in 17 years, while the rehabilitation process should be finished in seven years, according to the Maharashtra government. The Dharavi redevelopment project is anticipated to result in the construction of more than 10 million square feet overall.
How will the redevelopment of Dharavi benefit the Indian economy?
Share your views in the comment section below.
