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.
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