Adani, DLF, Naman Group in the race for Dharavi redevelopment

Published on Nov 17, 2022 12:47 AM IST

Mumbai: Some of the leading real estate companies led by Adani Group, Delhi-based DLF Group, and city-based Naman Group have submitted bids for the ₹20,000-crore Dharavi redevelopment project, rekindling hopes that Asia’s largest slum cluster could finally get a makeover

Mumbai, India - April 1, 2020: Small industries workers lineup for the food packets at Dharavi during restrictions on citizens' movement on account of Section 144 due to COVID 19 pandemic in Mumbai, India, on Wednesday, April 1, 2020. (Photo by Satish Bate/Hindustan Times) (Satish Bate/HT Photo)
Mumbai, India - April 1, 2020: Small industries workers lineup for the food packets at Dharavi during restrictions on citizens' movement on account of Section 144 due to COVID 19 pandemic in Mumbai, India, on Wednesday, April 1, 2020. (Photo by Satish Bate/Hindustan Times) (Satish Bate/HT Photo)
BySatish Nandgaonkar

Mumbai: Some of the leading real estate companies led by Adani Group, Delhi-based DLF Group, and city-based Naman Group have submitted bids for the 20,000-crore Dharavi redevelopment project, rekindling hopes that Asia’s largest slum cluster could finally get a makeover.

SVR Srinivas, chief executive officer of Dharavi Redevelopment Authority, said in comparison with 2016 when no bids were received despite five extensions, and 2018 when only two tenders were received, the project had attracted three bids after the government tweaked the terms and conditions to encourage competition.

Though eight companies, including firms from South Korea and UAE, had attended the pre-bid meeting on October 11, only three bids were received on Tuesday, the last day of submission. It is unclear if all three companies have technical partners. Unlike earlier, the Dharavi tender conditions only allow two partners in a consortium – lead partner with higher financial networth and a technical partner with construction experience.

“We will first carry out the technical evaluation of all three bidders and then financial bids will be opened. The highest bidder will then have to form a special purpose vehicle [SPV] company with 80% equity, and the government will bring in 100 crore with 20% share in the company. The SPV will then have to present its integrated master plan,” Srinivas, who is also MMR’s metropolitan commissioner, told HT on Wednesday.

The Adani Group consortium had in 2018 put in a bid of 4,529 crore but Dubai-based Seclink Technology Corporation had emerged as the highest bidder at 7,200 crore. Adani Group’s real estate arm Adani Realty is nearly 12-years-old and is aggressively expanding its footprint in Mumbai. It started with an integrated township of Shantivan in Ahmedabad in 2010, made its foray into Gurugram with Oyster Grande in 2012, and into Mumbai in 2014 with Western Heights project in Andheri. It currently has five under-construction projects in Ahmedabad, two in Jagatpur, three in Gurugram, and one in Pune.

In Mumbai, Adani Realty collaborated with Marathon Group in Monte South project, three 64-storey towers on 12-acre Khatau textile mills land in Byculla. The occupancy certificate for phase I till 39th floor has been received so far. The project is expected to be completed by 2025, and offers unhindered views of the Eastern Waterfront of Mumbai. Adani Realty has also started the construction at The Views, two 23-storey luxury towers facing the Eastern Express Highway at Pant Nagar in Ghatkopar. In commercial projects, it has Inspire BKC located opposite ICICI Bank headquarters and the IL&FS.

In mid-2022, Adani Group also invested in SRA’s Andheri RTO land project estimated at 5,000 crore. Its group company Portsmouth Buildcon entered into a partnership with SRA developer Shiv Infra Vision to develop 11 lakh sqft. KS Chamankar Enterprises had bagged the SRA project earlier, but after the allegations and political controversy over alleged links with NCP leader Chhagan Bhujbal, it exited the project, and Shiv Infra Vision was voted in by the slum dwellers in 2018. Another group company Adani Properties Pvt Ltd has also bagged HDIL’s Project BKC after lenders last week voted for its resolution plan before the National Company Law Tribunal.

DLF Group is one of the leading developers from north India and one of the largest listed real estate companies with a footprint in 15 states and 24 cities. Largely focused on real estate development in Delhi and Gurugram, the DLF had in 2005 ventured into Mumbai with the purchase of 17.5 acres of National Textile Mills in Worli for 703 crore, but they sold the land parcel to Lodha Group in 2013 as part of non-core divestment.

Jayesh Shah’s Shree Naman Group has been in the realty business since 1993, and has completed several residential and commercial projects, including Naman Residency in Bandra Kurla Complex and Naman Midtown at Elphinstone Road. Its under-construction projects include Naman Premier in Andheri and a 30-storey luxury duplex project with apartments of 5,000 sqft on the Worli Sea Face.

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