Adani-Maharashtra JV to Sell 10-12 Million Sq Ft in Dharavi Redevelopment

Navbharat Mega Developers Private Limited (NMDPL), a joint venture between the Maharashtra government and Adani Group, is leading the redevelopment of Dharavi, one of the world’s largest slums. The project, which covers 600 acres in Mumbai, is expected to be completed in 7 years. Once finished, the SPV plans to sell 10 to 12.5 million sq ft of properties annually.

Sales Strategy and Market Impact

The sale of properties will depend on market conditions. “We will decide how much to release based on the market,” said SVR Srinivas, CEO of the Dharavi Redevelopment Project. The SPV also plans to generate revenue by monetising Transferable Development Rights (TDR). However, the exact amount that will be sold through TDR has not been determined.

Experts believe the new housing supply will not disrupt the market, as demand for affordable and mid-range housing in Mumbai remains high. “With half of Mumbai’s population living in slums and more people moving in, the demand for housing is huge,” said Niranjan Hiranandani, founder of Hiranandani Group.

Government Policies and Investment

The Maharashtra government is considering a rule requiring developers in Mumbai to buy 50% of their TDR from the Dharavi project. This is expected to support slum redevelopment across the city. The project will require a total investment of ₹3 lakh crore, covering rehabilitation and infrastructure development.

Funding and Project Phases

Funds for the redevelopment will be raised through Compulsorily Convertible Preference Shares (CCPS). The Adani Group has already contributed ₹4,000 crore. The first phase started in Matunga, where land was acquired from the railways.

Progress and Next Steps

The Dharavi Redevelopment Project has conducted the largest slum survey in India, numbering around 90,000 households. The survey is nearing completion, and the master plan for the project is expected to be finalized in the coming weeks.

Conclusion

The Dharavi redevelopment project is set to transform Mumbai’s urban landscape, providing better housing and infrastructure while addressing the city’s growing housing demand.

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