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Adani Properties bags Rs 5,069 crore Dharavi redevelopment project

DLF and Shree Naman Developers were the other two bidders

Topics
Maharashtra | Dharavi | Adani Group

BS Web Team  |  New Delhi 



Dharavi

Gautam Adani-led Properties on Tuesday won the bid for the renovation of Dharavi, the second-largest slum colony in Asia, reported Moneycontrol.

The government authorities, on November 29, opened the financial bids for the redevelopment project which is being touted as one of the largest redevelopment projects in India.

Properties, the highest bidder, reportedly offered Rs 5,069 crore as its investment in the project.

The project’s bidding criteria was kept on the basis of the highest investment amount quoted, over the stipulated Rs 1,600 crore.

DLF and Shree Naman Developers were the other two bidders competing.

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SVR Srinivas, Chief Executive Office of Redevelopment Project said, "We got three bids of which we opened two financial bids of and DLF as Naman Group did not qualify in the technical bidding. The bid by was for Rs 5,069 crore and DLF was Rs 2,025 crore. We will now further go with the approval from the state government and also form a special purpose vehicle (SPV) for the redevelopment of .”

After numerous failed attempts over the past 15 years, the rehabilitation of Dharavi will soon begin with the selection of the winning bidder.

The project is expected to be finished in 17 years, while the rehabilitation process should be finished in seven years, according to the government. The Dharavi redevelopment project is anticipated to result in the construction of more than 10 million square feet overall.

The state government on October 1 floated a global tender for the redevelopment and rehabilitation of Dharavi after a failed attempt in 2019.


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First Published: Tue, November 29 2022. 17:39 IST

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