Dharavi redevelopment to feature Mithi River promenade, healthcare, green spaces, and industrial zones

The ambitious Dharavi redevelopment project in Mumbai aims to transform one of Asia's largest slums by unlocking approximately 140 million sq ft of saleable area, expected to generate revenues between Rs 1.2 and 1.7 lakh crore. This joint venture between the state government and private partners will include a mix of residential, commercial, and community spaces.

A standout feature is the development of a riverfront promenade along the Mithi River, enhancing the area's environmental and recreational appeal. The plan also incorporates a comprehensive healthcare and hospital network, green spaces, industrial zones, and community recreational areas to improve living standards.

Transportation infrastructure is a critical component, with the Adani Group spearheading the creation of an integrated network combining rail, road, and airport transit facilities. This includes airport trains and check-in facilities connecting Mumbai and Navi Mumbai airports, streamlining passenger movement.

The project also involves significant rehabilitation efforts, with a projected cost of Rs 95,790 crore for housing units and affordable rental housing for current inhabitants. Construction costs alone are estimated at Rs 23,800 crore.

According to Pankaj Kapoor, MD of Liases Foras, profit margins are expected to be 25-30% based on the projected revenue from the sale component, priced at an average market rate of Rs 25,000 per sq ft.

This redevelopment is poised to not only boost Mumbai's real estate market but also significantly improve infrastructure, healthcare, and quality of life for Dharavi residents.

Key quotes and stats:
"At a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million sq.ft. of overall saleable area," said Anuj Puri, chairman, Anarock Group.
"Profit margins to be 25-30% on projected revenue of Rs 1.2 lakh crore to Rs 1.7 lakh crore," noted Pankaj Kapoor, MD of Liases Foras.

The Dharavi redevelopment plan in Mumbai will unlock 140 million sq ft of saleable area, generating Rs 1.2-1.7 lakh crore. Key features include a Mithi River promenade, healthcare facilities, green spaces, industrial zones, and a transportation network integrating rail, road, and airport transit.