Adani Realty, the real estate arm of the Adani group, along with DLF and the Naman Group have submitted their bids for the redevelopment of Asia’s largest slum, Dharavi, situated in Maharashtra. The project is estimated to cost over Rs 20,000 crore.
In October, the Maharashtra authority floated the tender for the redevelopment project. The last date for submission of the bids was set as October 31st which was later changed to November 15th, 2022.
The pre-bid meeting was scheduled on October 11th. In the meeting, a total of eight companies from India, the United Arab Emirates (UAE), and South Korea had shown their interest in the redevelopment project.
The state government aims to complete the bidding process by the end of this year and appoint the lead partner by January 2023. The winning bidder will have a total of seven years to complete the project.
“The highest bidder will have to form a special purpose vehicle [SPV] company with 80% equity, and the government will bring in ₹100 crores with 20% share in the company. The SPV will then have to present its integrated master plan,” said SVR Srinivas, chief executive officer of the Dharavi Redevelopment Authority.
Under the redevelopment, more than 56,000 families will be rehabilitated. The eligible slum dwellers will get a house with a carpet area of 405 sq ft, and the project will get a Floor Space Index (FSI) of 4. FSI is the ratio that decides the height to which a building can be constructed.
DLF Ltd is one of the leading developers from north India and one of the largest listed real estate companies with a footprint in 15 states and 24 cities. The shares of the company were trading at Rs 402 levels on Thursday.
The Naman Group has been in the realty business since 1993 and has completed several residential and commercial projects across the country.
Written by Anoushka Roy
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