The real estate unit of Indian billionaire Gautam Adani’s Adani Enterprises has won the right to redevelop India’s largest slum, Mumbai’s Dharavi neighborhood, with a 50 billion rupee ($612 million) bid, a state official said on Tuesday.
Believed to be the largest slum in Asia, Dharavi is a crowded area that houses thousands of poor families in cramped quarters in the center of India’s financial capital. Many residents have no access to running water or clean toilets.
The redevelopment was first mooted in the 1980s as a way to develop valuable land while providing proper housing to those living there.
Adani’s winning bid of 50 billion rupees was more than double that of real estate group DLF, which bid 20 billion rupees ($244.87 million), said SVR Srinivas, CEO of the Dharavi Redevelopment Project, a government enterprise in the western state of Maharashtra.
“It will be a township - a city within a city, with mixed land use, both commercial and residential,” Srinivas told Reuters, describing the redevelopment, which will cover 625 acres (253 hecta