The ambitious plan to renovate the biggest slum in the world has attracted the highest bid from the Adani Group, which is owned by Indian billionaire Gautam Adani.
According to SVR Srinivas, metropolitan commissioner at the Mumbai Metropolitan Region Development Authority, Adani offered 50.7 billion rupees ($620 million), while closest competitor DLF Ltd. offered 20.25 billion. Although it is yet unknown how much land the successful bidder could purchase, the Dharavi slum is situated between the city’s new financial sector and its main airport and spans approximately 620 acres.
The largest urban renewal project in the world and the brownest of all brownfield developments, according to Srinivas Class, religion, and ethnicity are just a few of the intricate factors at play; it’s a maze we need to navigate.
With a million residents, Dharavi is a densely populated area where up to 80 people share one public restroom. The majority of its residents are migrant workers from villages thousands of miles away who work for daily wages. Despite being only about 5 kilometres (3.1 miles) from Mumbai’s main business district, which is home to India’s largest stock exchange and the regional headquarters of JPMorgan Chase & Co.
Before the epidemic, Dharavi produced more over $1 billion in annual revenue, serving as a base for enterprises ranging from recycling and the clothing industry to ceramics and leather tanning.
With this, the real estate market in Mumbai is poised for significant growth, according to Choice Equity Broking Pvt. analyst Abhimanyu Kasliwal. ‘We may anticipate the same for real estate, just way the cement industry was re-rated following Adani’s entry.’
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