Adani Project to Redevelop Dharavi and Unlock Major Value

HSBC highlights a substantial commercial opportunity with about 130 mn square feet of free-sale real estate located roughly five kilometres from Bandra Kurla Complex, Mumbai's central business district. The project is structured as a public-private partnership in which the Government of Maharashtra holds a 20 per cent stake and the Adani Group 80 per cent, and it spans about 225 mn square feet in total with roughly 95 mn square feet earmarked for rehabilitation and 130 mn square feet for commercial sale.

The plan prioritises rehousing and social infrastructure, with the developer proposing to deliver housing and allied facilities across seven to eight years while starting construction of around 30,000 units in the next financial year and targeting an initial handover on Indian Railways land in December 2026. Beyond homes, the programme includes schools, healthcare facilities, sports centres, green spaces and pedestrian walkways intended to create a modern urban ecosystem for relocating residents and formalising livelihoods tied to local industries.

A central element is major transport infrastructure intended to increase land value and connectivity, including a multi-modal transport hub with three metro stations, bus depots and last-mile improvements. The redevelopment also plans environmental interventions such as cleaning the Mithi River, redeveloping the Deonar dumping ground, a six-kilometre mangrove creek and a Marine Drive-style promenade. HSBC argues that the mix of rehabilitation obligations, free-sale inventory and enhanced connectivity will shape financing structures and investor demand but notes delivery risk, social obligations and remediation costs.