The redevelopment of Dharavi, Asia’s largest slum spread across 600 acres in Mumbai, will see a total investment of nearly Rs three lakh crore, covering rehabilitation and infrastructure development. An Adani Group entity, Navbharat Mega Developers (NMDPL), holds an 80 percent stake in the project, while the state government retains the remaining 20 percent. The company has already invested around Rs 1,000 crore into the initiative.

CEO of the Dharavi Redevelopment Project (DRP) under the Slum Rehabilitation Authority, SVR Srinivas, stated, “The total investment in this entire project is estimated to the tune of close to ?3 lakh crore. Of this total investment, ?25,000 crore will go towards the rehabilitation component alone."

The company has already secured over Rs 2,000 crore through compulsorily convertible debentures (CCDs) and is in the process of raising an additional Rs 3,000 crore. Additionally, the project will generate revenue through transferable development rights (TDRs) and the free-sale component. “We are open to the idea of bringing in other developers, through either revenue or space share alliance, for developing smaller land parcels in the project by assuming the role of the master planner,” he added. 

The project will see nearly 240 million sq ft of development over 15-20 years, including 100 million sq. ft. for rehabilitation and 140 million sq. ft. as a free-sale component. A survey to identify eligible residents and existing structures has mapped over 52,000 units and is expected to be completed within a month.

The final draft of the master plan is also likely to be completed in the same timeframe. Over 84,000 structures, including commercial spaces, have been numbered out of a total of 1,40,000 units. A committee with two High Court Judges has been formed to decide on religious structures, with a final decision expected in the next two to three months.