DLF Group, Adani Group, and Naman Group rushed to win the bid to rehabilitate Dharavi, Asia’s largest slum.
Details about Adani, DLF, and the Naman Group have submitted bids for the Dharavi Redevelopment Project
Real estate firms have filed bids for the Dharavi redevelopment project for Rs 20,000 in the expectation that Asia’s largest slum cluster will eventually be revitalized.
The bids were received after the government publicized the redevelopment project’s terms and conditions.
Firms from South Korea and the United Arab Emirates were also invited, but the government received only three submissions by the deadline.
The government will receive Rs 100 crore in addition to a 20% stake in the highest bidder.
Adani Group’s real estate arm, Adani Realty, is nearly 12 years old and is making an unusually large mark in Mumbai. Shantivan, which began in Ahmedabad in 2010 with an integrated township, made its way to Mumbai in 2014 with the Western Heights project.
The DLF group, headquartered in Delhi, is one of the biggest developers in North India, with operations in 15 states.
Jayesh Shah’s Naman Group has been in the real estate business since 1993 and has completed various residential and marketable projects in Mumbai.
To encourage additional offers, the authority cut its basic price from Rs 3,150 crore to Rs 1,600 crore. Despite the fact that eight companies attended the pre-bid conference, only three submitted bids.
The winning bidder will form a Special Purpose Vehicle with the DRA and the SRA, which is the planning authority for the 500-acre Dharavi Notified Area. There are approximately 58,000 slum dwellers who are entitled to free housing and an equal number of ineligible inhabitants who live as tenants.