Dharavi: Adani-Maha JV can sell 12 mn sq ft/year

THE NAVBHARAT MEGA Developers (NMDPL), a special purpose vehicle (SPV) of Maharashtra government and Adani Group which has been formed to redevelop 600-acre Dharavi redevelopment project in Mumbai, will get to sell 10-12.5 million square feet of properties a year once the project is completed.

- RAGHAVENDRA KAMATH

THE NAVBHARAT MEGA Developers (NMDPL), a special purpose vehicle (SPV) of Maharashtra government and Adani Group which has been formed to redevelop 600-acre Dharavi redevelopment project in Mumbai, will get to sell 10-12.5 million square feet of properties a year once the project is completed. The SPV aims to complete the project in seven years.

"Depending on the market conditions, we will decide how much to release," said SVR Srinivas, CEO, Dharavi Redevelopment Project.

Adani Group holds an 80% share in the SPV and the Maharashtra government the remaining 20% stake.

Srinivas said the SPV will monetise the project's transferable development rights (TDR). The SPV will take a call between free sale component and TDR, he added.