The company recently appointed three key players, including renowned architect Hafeez Contractor, as city planners to craft a draft development plan for Asia’s largest slum cluster. The group, committing an investment of Rs 21,000 crore to the project, has enlisted design firm Sasaki and consultancy firm Buro Happold as design planners, along with experts from the Singapore Housing Development Board.
Mumbai-based Adani Group, spearheading the ambitious redevelopment of Dharavi slums, has unveiled its funding strategy for the entire project. According to reliable sources, the conglomerate plans to finance the Dharavi redevelopment through internal accruals and potentially by selling equity in the Special Purpose Vehicle (SPV) established for the project.
The company recently appointed three key players, including renowned architect Hafeez Contractor, as city planners to craft a draft development plan for Asia’s largest slum cluster. The group, committing an investment of Rs 21,000 crore to the project, has enlisted design firm Sasaki and consultancy firm Buro Happold as design planners, along with experts from the Singapore Housing Development Board.
Although the statement released by the group did not specify a timeline for the project, it reaffirmed the commitment to investing Rs 21,000 crore. Adani Group secured the bid for the Dharavi redevelopment in November 2022, with an initial equity investment of Rs 5,069 crore.
Hafeez Contractor, known for groundbreaking social housing and slum rehabilitation authority projects in the city, joins forces with Sasaki, a multidisciplinary design firm from the US, and Buro Happold, a renowned English consultancy specializing in creative and value-driven infrastructure solutions.
Addressing reports about financial closure with lenders, sources within the project clarified that tender conditions prohibit raising debt to fund the project at this stage. The group intends to leverage internal finances and explore innovative financial instruments instead of tapping into markets for funds.
Emphasizing a human-centric approach, sources revealed that the project envisions fostering the existing businesses and entrepreneurs in Dharavi. Beyond safeguarding residents’ livelihoods, the initiative includes the establishment of a skill development center. This center will particularly focus on women and youth, aiming to equip citizens with enhanced skills for a more promising future. As of now, the group has not reached a stage requiring external market fund procurement.
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