Adani Group To Redevelop Mumbai’s 259-hectare Dharavi Slum
The Maharashtra government has issued a government resolution (GR) awarding the Adani group the Dharavi slums redevelopment project. The project would be one of the most significant reconstruction projects in the country.
Adani Properties, a subsidiary of Adani Group, won the competition to reconstruct the 259-hectare slum in November with an investment offer of Rs 5,069 crore. The property is close to the Bandra Kurla Complex and has a Rs 20,000 crore redevelopment potential.
The GR is an official notification from the government that will assist the group in beginning work on the project. The Housing Department issued the GR, and all government departments were told to issue their instructions within a week. The Maharashtra government will eventually issue a letter of allotment, allowing the redeveloper to begin work on the project.
The prestigious project was stalled for decades as different administrations attempted to reconstruct it in a way that would benefit all stakeholders. The project will take seven years to complete in order to rehabilitate the 6.5 lakh slum inhabitants sprawled across 2.5 square km. The project will have a lucrative floor area index of four, but it will have a height restriction due to its proximity to the airport, according to the state administration. The floor space index (FSI) refers to the number of permitted buildings on a plot of land.
The reconstruction will begin in stages, with the Adani group relocating the current residents to transit camps while they construct new homes for them. The project will also construct free-sale buildings to assist repay project costs.
