Indian billionaire Gautam Adani aims to redevelop the largest slum dwelling in Mumbai
One of India’s infamous billionaires, Gautam Adani, has undertaken the redevelopment of Asia’s largest slum dwelling. However, this decision is causing panic among the residents of the area. They are concerned about how Adani will deliver on his promises with increasing financial setbacks. There are also allegations that allies of the current Modi cabinet have given Adani favorable treatment.
The slum in question is Dharavi, Asia’s largest slum dwelling to date. It is three-quarters the size of Central Park in New York City, USA. It is close to Mumbai’s international airport and sits among the rising buildings housing various corporations. Dharavi features in the 2008 film “Slumdog Millionaire”.
Adani is at the top of the game for seizing the contract for developing Dharavi. In July this year, the Maharashtra government allocated a $614 million contract to develop the area. There have been several attempts to redevelop the land, but they have all failed. Dharavi has survived and thrived in its leather industry.
According to legal documents presented by the Adani Group, they aim to demolish deplorable and unhygienic structures. They will build new high-rise towers to accommodate the residents and their businesses. The redevelopment will take place on state-owned land only.
According to Consultancy Liases Foraces, the company will invest an estimated $12 billion in the redevelopment projects. In return, he can receive up to $24 billion in developmental rights.
Doubts regarding the Adani Group
The redevelopment deal comes at a tough time for the company. The project will begin in September. Earlier, Adani was known as the third-richest person in the world. However, despite denial, the company came under fire from allegations from U.S.-based Hindenburg.
Due to the financial aspects of the group, the residents are doubtful whether or not the development project will be successful.
