Dharavi slum area of Mumbai, which is the largest slum area in Asia. About 16 years ago, planning was made for its redevelopment, but due to various reasons this work could not be completed. Now the country's second richest person Gautam Adani has taken up the responsibility of redevelopment of Dharavi. After the report of Hindenburg Research, Adani Group was in trouble for the first time, from where would it get the money for this huge project, when it cannot take loan for it.
Redevelopment of Dharavi is like lifting 'Sanjeevani Parvat'. Recently Adani Group has included Hafeez Contractor for the planning of this entire project. A special company (SPV) has been formed for this.
Adani cannot take loan
Adani Group had won the contract for this project from the Maharashtra government in November 2022. For this, an initial equity investment of Rs 5,069 crore was made. The terms and conditions of this project are very clear. Adani Group cannot take loan from anywhere for the redevelopment project. Therefore, he will have to raise money from internal sources or choose new methods.
At the same time, sources associated with Adani Group say that at present such a situation has not arisen that the group has to raise money from the market. If needed, Adani Group will include other companies through internal sources and by selling stake in SPV and raise money from it.
Adani will have these options
To raise money, Adani Group will have the freedom to build commercial and residential hubs after the development of this area. The area of Dharavi is spread over about 600 acres. One of its boundaries connects to Bandra-Kurla Complex (BKC), one of the world's most premium office spaces. An underground metro station is being built nearby. That means this is the most prime land of Mumbai.
This redevelopment can make Dharavi the second BKC of Mumbai. Once the rehabilitation of the people here is completed, the developer will be left with 20 to 30 percent land free, which will be around 30 lakh square feet area. After getting such a huge vacant land at such a prime location, this area can become a new commercial and premium residential hub. After completion of rehabilitation, Adani Group will be free to develop this land as per market rate.
These facilities will be there in new Dharavi
Adani Group is trying to redevelop Dharavi keeping in mind the businesses and entrepreneurs flourishing there. His effort is not only to provide a better life to the people living there, but he also wants to preserve their livelihood.
On one hand, Adani Group will set up a skill development center to protect and advance people's livelihood. In this, special attention will be given to all the citizens of Dharavi area, especially women and youth. Many more facilities will be developed to improve the standard of living. It also includes gas pipeline, water, electricity, sanitation, drainage, health, recreational facilities, open areas and a world class school and hospital.
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