[ad_1]
file photoMumbai: The Maharashtra The government has formally allotted 259 hectares of land Dharavi Redevelopment project one Adani Group firm.
Reportedly, the project with a revenue potential of Rs 20,000 crore includes reconstruction Dharavi Slum Spread across central Mumbai, BKC is located near the business district.
it was won Adani Properties Through a competitive bidding in November last year in which realty major DLF and Naman Developers also competed. A government resolution (order) issued by the Housing Development Department of the Maharashtra government on Thursday said that the state cabinet had approved the result of the bidding process on December 22, 2022, following which the rights are being awarded.
Adani Properties will be the lead partner in the project for which a special purpose vehicle will be built. The bidding is for the entire project, and the total timeline for rehabilitation of 6.5 lakh slum dwellers living in an area of over 2.5 sq km is seven years.
The project, which would help the winning bidder book higher revenue by selling lakhs of square feet of residential and commercial space in central Mumbai, was in limbo for several years.
Eight bidders, including entities from South Korea and the United Arab Emirates, attended a pre-bid meeting held in October, and three of them actually bid for the project.
The government had sought a minimum consolidated net worth of Rs 20,000 crore to choose the winning bid. The winning bidder is required to take care of the rehabilitation, renovation, amenities and infrastructure components.
Adani already has a realty arm in the country, having executed or is in the process of executing a project in the financial capital, including one in suburban Ghatkopar and another in Byculla in central Mumbai.
