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The redevelopment of Mumbai’s Dharavi, the second-largest slum in Asia, has been awarded to Gautam Adani-led Adani Properties.
The financial bids for the Dharavi reconstruction project were opened by Maharashtra government authorities on November 29.
According to SVR Srinivas, Chief Executive Officer of the Dharavi Redevelopment Project three bids from Adani Realty, DLF, and Naman Group were received. Out of which Naman Group did not qualify for the technical bidding. The remaining two bids were opened where Rs 5,069 crore and Rs 2,025 crore were offered by Adani Group and DLF respectively.
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The largest investment amount quoted over the required Rs 1,600 crore was used as the foundation for the project’s bidder selection criteria.
After numerous failed attempts over the past 15 years, the redevelopment of Dharavi will now begin with the selection of Adani Realty as the winning bidder.
The Maharashtra government has pledged to finish the project in the next 17 years and complete rehabilitation in the next seven years. More than 10 million square feet is anticipated to be built as part of the Dharavi redevelopment project.
In the pre-bid meeting held on October 11, eight businesses from India, the UAE, and South Korea expressed interest in the rebuilding of Dharavi. Only three businesses, however, filed proposals for the redevelopment.
The Maharashtra government has launched bids for the redevelopment at least four times in the past 15 years. The bids didn’t come through, though.
Dharavi, which covers nearly 300 acres, is renowned for being the centre of various unorganised, small-scale businesses that produce clothing, shoes, leather, and medicines. It is situated in the centre of Mumbai, near to the Bandra Kurla Complex and south Mumbai.
One of the world’s most densely populated slums, Dharavi is reported to have one million residents and was severely affected by the pandemic. After the award-winning film “Slumdog Millionaire” was released in 2008, the neighbourhood saw a significant increase in interest.
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