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Mumbai: The Adani Group has emerged as the highest bidder for 259 hectares Dharavi Redevelopment project, a top official said on Tuesday.
The group has bid for Rs 5,069 crore for the redevelopment of one of the world’s largest slums. DLFWho had bid Rs 2,025 crore, Chief Executive Officer of the project SVR Srinivas Told.
He told PTI-language, “Now we will send the details to the government, which will consider it and give final approval.”
The bid is for the entire Rs 20,000-crore project, and the total time frame for the project is seven years to rehabilitate 6.5 lakh slum dwellers, which are spread over an area of 2.5 sq km now, he said.
The project, which will help the winning bidder book higher revenues by selling lakhs of square feet of residential and commercial space in central Mumbai, has been in limbo for several years due to its complexities.
Eight bidders, including entities from South Korea and the UAE, participated in the pre-bid meet held in October, and three of them actually bid for the project. Naman Group, a city-based developer, was the third whose bid did not qualify.
The government has sought a consolidated net worth of at least Rs 20,000 crore to select the winning bid, and is likely to evaluate both technical and financial merit before awarding the project to the highest bidder.
The winning bidder is required to form a special purpose vehicle (SPV) to execute the project, and investment timelines have also been set by the government. The developer will have to take care of rehabilitation, renovation, amenities and infrastructure components.
Adani already has a realty arm in the country, which is already in the process of executing projects in the financial capital, including one in suburban Ghatkopar and another in central Mumbai’s Byculla.
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