 "Adani group gets approval to redevelop the slums in Mumbai's Dharavi")
The Maharashtra government has issued the government resolution (GR) to award the Dharavi slums redevelopment project to the Adani group. The project would be one of the largest redevelopment projects to be undertaken in the country.
Last November, group firm Adani Properties had won the bid to redevelop the 259-hectare slum with an investment offer of Rs 5,069 crore. The project is close to Bandra Kurla Complex and has a redevelopment potential of Rs 20,000 crore.
The GR is formal notification from the government which would help the group to start work on the project. The GR has been issued by the Housing department and has instructed all the government departments to issue their orders within a week. The Maharashtra government will finally issue a letter of allotment so that the redeveloper can start the project.
The prestigious project was stuck for decades as several governments trid to redevelop the project which would be a win-win deal for all the stakeholders. The total timeline for the project is seven years to rehabilitate the 6.5 lakh slum dwellers who are spread over 2.5 square kilometres area. Though the project will have a lucrative floor space index of four but it comes with a height restriction on account of proximity to the airport, the state government said earlier. FSI or floor space index means the permissible construction allowed on a plot of land.
The redevelopment will start in phases with the Adani group shifting the present inhabitants to transit camps as they build new homes for them. The project will also build free sale buildings that would help to recover the project costs.