Daijiworld Media Network - Mumbai

Mumbai, May 31: The ambitious Dharavi redevelopment plan is projected to unlock around 140 million sq ft of free sale component, generating estimated revenues between Rs 1.2 lakh crore and Rs 1.7 lakh crore for the joint venture between the Maharashtra government and the Adani Group.

• Anuj Puri (Anarock Group): Estimates gross revenue of over Rs 1 lakh crore with profit margins between 18-25%. The project allows monetization of Transferable Development Rights (TDR) and commercial spaces.

• Nav Bharat Mega Developers, a special purpose vehicle by the Adani Group and state govt, plans rehabilitation of 72,000 units free of cost with a total rehab cost of Rs 95,790 crore, including Rs 23,800 crore for construction.

• The project covers 270 acres of net developable area after rehabilitation units are accounted for, which will be available for free sale.

• Pankaj Kapoor (Liases Foras): Projects profit margins at 25-30%, with saleable area ranging between 40.7 and 60 million sq ft, depending on Floor Space Index (FSI) used for rehab. He cautions the 7-year timeline is ambitious and requires competitive pricing and annual sales of 6.5 to 9 million sq ft.

• Architect Alan Abraham: Notes the project's Rs 95,000 crore cost is relatively inexpensive compared to other city infrastructure projects like the bullet train and Mumbai Metro 3. He suggests the sale prices could surpass premium areas like Bandra-Kurla Complex and Linking Road.

• Aditya Thackeray (Shiv Sena UBT): Criticized incentives given to Adani Group, highlighting that 1,300 acres of land were handed over free and that BMC was denied Rs 7,500 crore in premium for land and TDR. He cited the MVA government’s redevelopment of BDD chawls through a government agency as a better model.