The Maharashtra government has given final approval to the appointment of Adani Properties for the redevelopment of Dharavi, Asia's largest slum cluster located in Central Mumbai, the financial capital of the country.
On November 29, the Maharashtra government authorities opened the financial bids for the Dharavi redevelopment project. Three companies, namely Adani Realty, DLF, and Naman Group, had submitted bids for the redevelopment and rehabilitation of slum dwellers in Dharavi. After multiple failed attempts in the last 15 years, the selection of the successful bidder marks the beginning of the Dharavi redevelopment project.
The winner of the project, which is valued at over Rs 20,000 crore, was determined based on the highest initial investment pledge. The Maharashtra government aims to complete the project within the next 17 years and carry out rehabilitation over the course of the next seven years.
In a government resolution (GR) dated July 13, 2023, the Maharashtra Housing Department granted final approval for the appointment of Adani Properties for the redevelopment of Dharavi.
Following a failed attempt in 2019, the state government floated a global tender for the redevelopment and rehabilitation of Dharavi on October 1.
Dharavi, spread across 300 acres, is renowned for being a hub of small-scale, unorganized industries involved in the manufacturing of medicines, leather goods, footwear, and clothing. It is located in Central Mumbai, in close proximity to the commercial hub of Bandra Kurla Complex and south Mumbai.
With an estimated population of one million, Dharavi is one of the most densely populated slums in the world and was severely affected during the pandemic. The area gained significant attention after the release of the movie "Slumdog Millionaire" in 2008, which garnered numerous awards.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
