Our Bureau
Mumbai
The Adani Group is set to roll out the first phase of the much-anticipated Dharavi Redevelopment Project around Diwali this year or by early 2026, marking a significant step in one of Asia’s largest urban renewal initiatives.
According to sources familiar with the matter, the initial offering will involve the “free-sale” component of the project, with units likely priced between ₹27,000 and ₹28,000 per square foot. These prices could rise to ₹35,000 per square foot as demand increases and the project progresses westward.
The launch follows a key milestone achieved earlier this year in February, when the project received approval to begin construction on 6.4 acres of railway land in Matunga West. This land parcel will serve as a foundational site for phase one.
The Dharavi Redevelopment Project aims to transform the sprawling 600-acre slum—home to nearly one million people—into a modern residential and commercial hub. The ambitious plan involves relocating and rehabilitating residents while unlocking roughly 1.4 lakh square feet of real estate for free-market sale. Industry estimates suggest the project could generate revenues of up to ₹1 lakh crore over its lifecycle.
In its initial rollout, Adani Realty is expected to target properties in southern and eastern parts of Dharavi, such as Sion and King’s Circle—areas where property prices remain comparatively lower. This strategy is seen as a move to ensure quick absorption in the market and maintain financial stability.
The developer also plans to leverage commercial development and transferable development rights (TDR) to boost revenue and balance the cost of large-scale rehabilitation. The project faces twin challenges of not only constructing new houses but also the relocation and rehabilitation of around 1 million existing residents of Dharavi.
As the project moves closer to launch, all eyes are on how it will reshape not only the skyline of Mumbai but also the lives of hundreds of thousands of Dharavi residents who have waited decades for change.
