The Maharashtra government has formally approved Adani Groups bid to 259-hectare Dharavi redevelopment projects. Reportedly, the project, which has a potential revenue of Rs 20,000 crore, involves the restructuring of the Dharavi slum sprawl in central Mumbai, located near the BKC business district. Last year in November, it was won by Adani Properties through competitive bidding which also saw realty majors like DLF and Naman Developers competing.On Thursday, a government resolution released by the Housing Development Department of the government of Maharashtra said that the state cabinet approved the outcome of the bidding process on December 22, 2022.Details of Dharavi redevelopment projectsTaking notes from the release, Adani Properties is all set to be the lead partner in the project for which a special-purpose vehicle will be formed. The bid is for the entire project, with a timeline of 7 years in order to rehabilitate over 6.5 lakh slum dwellers who live in an area of more than 2.5 sq km.Moreover, the project, which is expected to help the winning bidder to book high revenues by selling lakhs of square feet of residential and commercial space, was in limbo for many years. Among the eight bidders, entities from South Korea and UAE had attended a pre-bid meeting held last year in October and three of them bid for this project.Whats the responsibility of winning bidderThe Eknath Shinde-led government also sought consolidation worth Rs 20,000 crore to choose the winning bid. The winning bidder is required to take care of rehabilitation, renewal, amenities and infrastructure components.Adani Group firm has already a realty arm in India, which has executed or is in the process of executing projects in the financial capital including one in suburban Ghatkopar and another in central Mumbais Byculla.
