July 5, 2023: As per an India Today report, the letter of authority will be given to the company handling the Dharavi redevelopment project very soon, enabling the start of the redevelopment project. In an interview with India Today, SVR Srinivas, CEO of DRP said, “The LOA will be issued soon. It is for the company handling the project to set it in motion and ensure deliverables.” He expects the company to reshape one of the largest slum clusters of the world, offering its million plus residents a home with proper toilets.
Adani Group not yet given Letter of Intent for Dharavi redevelopment project
March 22, 2023: After the ‘Hindenburg Report’ disclosed the financial condition of the Adani group, concerns have been raised on Adani group winning tender for Dharavi redevelopment project. Maharashtra deputy chief minister Devendra Fadnavis told media that Letter of Intent (LoI) for the project has not yet been awarded to Adani group. Lol will be given only a company establishes its financial capability to execute the redevelopment project.
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Adani wins Dharavi redevelopment project with Rs 5,069-cr bid
Adani Group has won the bid for redevelopment of the 259-hectare Dharavi project, Asia’s largest slum cluster. With a bid of Rs 5,069 crore, Adani group beat DLF which had quoted Rs 2,025 crore, said SVR Srinivas, CEO, Dharavi Redevelopment Project.
The redevelopment project, which is expected to be completed in 7 years, will rehabilitate 6.5 lakh slum dwellers living in the 2.5 sqkm area currently.
In addition to Adani Group and DLF, Naman Group had also participated in the bidding but lost in the technical bidding round. Initially, the pre-bidding meeting saw interest from eight bidders, including bidders from South Korea and the UAE.
Now, the details of the bid will be sent to the Maharashtra state government for a final approval. As part of this project, Adani Group has to form a special purpose vehicle (SPV) for executing the project and follow a staggered timeline of investments as ordered by the government. Adani Group is also responsible for rehabilitation, renewal, amenities and infrastructure components.
The Dharavi redevelopment project has been in the works for more than 18 years.
See also: All about Mumbai BDD chawl redevelopment
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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