After 15 yrs of failed attempts, Mumbai's Dharavi slum area to be redeveloped by Adani Group

The financial bids for the redevelopment project were opened on Tuesday, November 29.

Three bids were received from–Adani Realty, DLF and Naman Group, but only two were opened as Naman Group did not qualify in the technical bidding, said SVR Srinivas, Chief Executive Office of Dharavi Redevelopment Project, according to the Moneycontrol report.

The bid by Adani Group was for Rs 5,069 crore and DLF was Rs 2,025 crore, he said.

“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,” he was quoted as saying in the report.

This also paves the way for the redevelopment of Dharavi, after at least four failed attempts in the last 15 years.

The Maharashtra government has set a deadline of 17 years to complete the redevelopment and aims to rehabilitate the estimated 1 million population living in the slum in the next seven years.

The state government floated a global tender for the redevelopment and rehabilitation of Dharavi that spreads across an area of 300 acres.