Mumbai's Dharavi redevelopment project: Adani Group to develop 43% of land for free sale in the open market
Under this free sale component, Navbharat Mega Developers Private Limited (NMDPL), a special purpose vehicle (SPV) formed as a joint venture between the Maharashtra government and the Adani Group, will be allowed to develop property units on approximately 47.95 hectares.
According to sources, the joint venture is likely to launch the first phase of the free-sale component, including residential properties, by the end of the year, timed around the festive season. Over 50% of the residential units in this phase are expected to fall within the affordable and mid-income segments.
According to the Master Plan presentation for the Dharavi Notified Area, which spans 251 hectares, the net developable area stands at 108.99 hectares, just over 269 acres.
Of this, 47.20 hectares have been allocated for the rehabilitation of Dharavi residents, while 47.95 hectares are designated for the saleable component, which will include residential, commercial, and retail units available in the open market.
Additionally, the plan earmarks approximately 40 hectares (about 99 acres) for open spaces.
A real estate consultant, speaking on condition of anonymity, said, 'Given the pace of construction and the ongoing survey for the rehabilitation component, there is strong buzz in industry circles that the official launch of the sale component is likely around Diwali or by the end of the year.'
The consultant also estimated that approximately 140 million sq ft of built-up area could be released for open market sale.
Also Read: Leena Tewari's ₹703 crore duplex sets record as Mumbai's costliest luxury apartment sale at over ₹2 lakh per sq ft
According to data released by CRE Matrix last month, ₹1 crore can currently buy around 682 sq ft of residential property in the Dharavi area, approximately ₹15,000 per sq ft.
However, real estate consultants believe that the Dharavi redevelopment project could command nearly double this rate, given the comprehensive ecosystem and infrastructure planned as part of the project.
Also Read: Mumbai real estate market: Planning to sell a flat in an old building? Here's why it can be tough
According to the Master Plan presentation for the Dharavi redevelopment project, an estimated 72,000 tenants are eligible for rehabilitation. Of these, over 13,000 are non-residential tenants, while the rest are residential.
Under the Maharashtra Slum Rehabilitation Act, each eligible resident will receive one rehabilitation unit, regardless of the number of tenements they currently occupy. These units will be 350 sq ft in size, an upgrade from the standard 300 sq ft units offered in other slum redevelopment projects.
Also Read: Dharavi's ₹95,790 crore makeover: 5 things to know about the Master Plan approved by the Maharashtra government
According to the presentation of the Master Plan for the Dharavi redevelopment project, the project is estimated to cost over ₹95,000 crore for the Dharavi notified area. The first commencement certificate for the rehab portion's construction was received on January 14, 2025, and the end date is seven years later, on January 13, 2032. The timeline for the entire project, including the sale component, is 17 years.
An email query sent to NMDPL did not get any response. The story will be updated if a response is received.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
2 hours ago
- India.com
Gautam Adani cancels plan to launch Super App, what led to the sudden move? Explained
Gautam Adani (File) The Gautam Adani Group has reportedly decided to cancel its plan to launch a super app for users. According to a Bloomberg report that quoted sources, the group's digital unit was facing financial losses and internal disagreements. These issues led the company to drop the plan. The report also said that Nitin Sethi, the Chief Digital Officer who was in charge of the digital unit, resigned along with several other employees. This happened during an internal review related to poor management of the business. Adani one was launched in 2022 Adani One was introduced in December 2022 by Adani Digital Labs, a part of Adani Enterprises Limited. The digital platform, launched in 2022 as 'Adani One', was designed to be a one-stop platform for consumers, combining a range of services like travel, shopping, bill payments, and other lifestyle utilities. As per the company's annual report, the app handled transactions worth Rs. 750 crore (about USD 90 million) in the 12 months ending in March 2024. The company had set a goal to reach 500 million users by the end of this decade. Last year, the app had around 30 million users. Goal to reach 500 million users on its super app The Adani Group had set a long-term goal to reach 500 million users on its super app by 2030. Gautam Adani, the Group's Chairman, had once called it a vision to create the 'Ferrari of the digital world.' By March 2024, the app had gained about 30 million users. However, despite this early interest, it failed to maintain steady growth or generate a reliable source of income. As per the report, the slow progress of the project led to internal changes earlier this year. After merging the digital unit, several senior leaders resigned. This included Adani's Chief Digital Officer, who was leading the super app initiative, he quit while an internal review into how the project was being handled was still going on. Around the same time, many other team members involved in the app also left the company. Adani Group exits FMCG business This news comes at a time when the Adani Group is also moving out of the FMCG (Fast-Moving Consumer Goods) sector. As part of this move, the group has sold its entire stake in AWL Agri Business, which was earlier known as Adani Wilmar. The group said it made this decision to exit the FMCG space so that it can focus more on its core business—infrastructure. AWL Agri Business is known for selling cooking oils and other food products under the Fortune brand. The company for now, is said to be refocusing on its traditional strengths in infrastructure, energy, logistics, and airports.
Hans India
3 hours ago
- Hans India
SIPB approves Rs. 20,000-croreinvestments
Vijayawada: The coalition government's commitment to generate 20 lakh jobs over five years is steadily bearing fruit. IT Minister Nara Lokesh, Chairman of the Cabinet Sub-Committee on Employment Generation, continues to make significant strides in attracting investments alongside his cabinet colleagues. In a major development, four prominent companies have come forward to invest in Andhra Pradesh. During the 9th State Investment Promotion Board chaired by the Chief Minister at the Secretariat on Wednesday, investment proposals of renowned firms such as Sify, Sattva, BVM, and ANSR, totaling ₹20,216 crore, were approved and these investments are projected to create 50,600 employment and livelihood opportunities. On this occasion, Lokesh, in his capacity as Chairman of the Employment Generation Sub-Committee, shared his insights into the proposed investments. He stated that the entry of such prestigious companies would significantly enhance Visakhapatnam's standing. He elaborated on the discussions held with these firms and highlighted their respective strengths. Following this, the Chief Minister emphasized the need to align Visakhapatnam's Master Plan with future investments and developmental needs. He reaffirmed that the available land in the region was limited and had been allotted to several companies, including the ArcelorMittal Steel Plant. He stressed the urgency of identifying suitable land for incoming companies and directed officials to undertake proactive planning to avoid infrastructure bottlenecks. When officials highlighted urban challenges faced by cities such as Pune and Bengaluru, the Chief Minister asserted that such issues must be avoided in Visakhapatnam. He underscored the importance of forward-looking planning, particularly for airport and rail connectivity, highways, and Metro networks, so that Visakhapatnam could avoid the urban strains seen elsewhere. While setting up industrial units, it was essential to establish ecosystems that catered also to the needs of residents. Comprehensive planning must ensure that these areas were livable and well-equipped for the general public, he added. To date, 113 projects amounting to ₹5,94,454 crore in investments have been approved under the alliance government's tenure through SIPB meetings. These include 46 projects in the industrial sector, 41 in energy, 11 in tourism, 11 in IT, and four in food processing. Collectively, these ventures are expected to generate 5,56,568 employment and livelihood opportunities.
India.com
10 hours ago
- India.com
Mukesh Ambani, Gautam Adani, Tata Group compete to finance Modi govt's mega project in..., its related to...
(File) Mukesh Ambani-led Reliance Industries, Gautam Adani's Adani Group, and the Tata Group are among some of the biggest names from the corporate world who are bidding for a central government tender to set up Bharat Small Reactors (BSRs), which aims to decarbonize high-emission industries such as steel and aluminum using nuclear power. The project is expected to attract Rs 35,000 crore in investments from the private sector, with the tender attracting bids from major players including Reliance Industries, Adani Group, Tata Group, Hindalco, the mining arm of Aditya Birla Group, Vedanta and JSW Group, Moneycontrol reported, citing government officials. As per officials, the government plans to allot the projects on a twin-unit basis, which means each unit will have two BSRs of 220 MW, the report said. Each twin unit is estimated to cost around Rs 6,000-7,000 crore, it added. 'NPCIL is planning a total of either 12 such reactors (six twin units) or 14 reactors (seven twin units). The total investments by the selected companies could range from Rs 35,000 crore to Rs 50,000 crore,' the report quoted an official as saying. What are Bharat Small Reactors or BSRs? Bharat Small Reactors (BSRs) are indigenously-developed compact 220 MW pressurized heavy water reactors (PHWRs), aimed at providing a sustainable, low-carbon energy solution for heavy industries like steel, aluminum, and metals, which can act as captive power plants. There is a growing global demand for small nuclear reactors due to their flexibility, scalability, and lower costs compared to conventional large setups. The Narendra Modi government plans to boost India's nuclear power capacity from 8.7 GW to 22.48 GW by 2031-32 and to 100 GW by 2047, and the deployment of BSRs is a major step towards the fulfilment of that ambitious project. Earlier this year, the government announced the National Nuclear Energy Mission during the Union Budget. An initial outlay of Rs 20,000 crore has been set aside for research and development of small reactors. How successful bidder will be incentivized? According to the report, the company which secures the project will have to finance it in entirety, which includes capital and operational expenditure. It will also be required to to reimburse NPCIL for all costs incurred across the lifecycle, from pre-project assessments to decommissioning. In return, the private firm will be granted assured long-term access to all the electricity generated through the nuclear reactors for captive use, even as the BSR units are required to built under the supervision of the NPCIL, and the state-owned company will also retain the operational control of the asset. When is the tender deadline? The tender, being executed by the state-owned Nuclear Power Corporation of India Ltd (NPCIL), was first floated in January this year and deadline was set for June 30, 2025. However, the deadline was extended till September 30 upon the request of stakeholders who had sought more details about the project. Eligible bidders must have a minimum net worth of Rs 3,000 crore and an annual power requirement of at least 2,500 million units, according to the tender document.
