Adani Group Develops Land for Free Sale in Dharavi to Rehabilitate 72K Tenants

The presentation of the Master Plan for the Dharavi redevelopment project states that approximately, 72,000 tenants will be eligible for rehabilitation, with more than 13,000 being non-residential and the remainder being residential. This marks one of the largest slum rehabilitation initiatives in India to date.

Under the Maharashtra Slum Rehabilitation Act, each occupant that is eligible will get one rehabilitation unit, regardless of how many tenements they currently occupy at the time. These are granted uniformly with a smaller 350 sq ft upgrade as compared to the 300 sq ft unit within other Slum Redevelopment projects.

• Dharavi Redevelopment Project to rehabilitate 72,000 eligible tenants with upgraded 350 sq ft units.
• Maharashtra Slum Rehabilitation Act grants one unit per eligible resident, regardless of existing tenements.
• Dharavi real estate market expected to open 140 million sq ft for sale, with prices likely to double current rates.

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.”  

Also Read: Dharavi Redevelopment Master Plan with Rs. 3 Lakh Crore Budget preps for Public Reveal

The consultant also estimated that about 140 million sq ft of built up area could be freed for open market sale.

Last month, CRE Matrix published data that indicated the current purchase price for about 682 sq ft of residential area in the Dharavi area, bought for about Rs. 1 crore or Rs. 15,000 per sq ft.

Real estate consultants think that the Dharavi redevelopment project could sell for almost double the previous rates indicated by the market (considering the huge ecosystem and infrastructure are part of the project).