August 21, 2025: Construction on 43% of the 108.99 hectares allocated for Mumbai’s Dharavi redevelopment project will be available for free sale in the open market, according to the Master Plan cleared by the Maharashtra government.
The free-sale component will be handled by Navbharat Mega Developers Private Limited (NMDPL), a special purpose vehicle (SPV) formed as a joint venture between the state and the Adani Group. NMDPL will be permitted to develop property units across 47.95 hectares.
Sources indicated that the first phase of the free-sale component, including residential units, may be launched by the end of 2025, likely coinciding with the Diwali season. More than half of these units are expected to fall within the affordable and mid-income categories.
The Dharavi Notified Area covers 251 hectares, with the net developable portion standing at 108.99 hectares. Of this, 47.20 hectares are reserved for resident rehabilitation, 47.95 hectares for the free-sale market, and nearly 40 hectares for open spaces. Industry estimates suggest around 140 million sq ft of built-up area could eventually be released for market sale.
Property rates in the locality currently average Rs 15,000 per sq ft, according to CRE Matrix data. Consultants expect values to almost double once the redevelopment project takes shape, citing improved infrastructure and amenities.
The rehabilitation component of the plan will cover an estimated 72,000 tenants, including over 13,000 non-residential occupants. Each eligible resident will be allotted a 350 sq ft home, larger than the standard 300 sq ft provided under other slum rehabilitation schemes.
The Dharavi project is projected to cost more than Rs 95,000 crore. Construction of the rehabilitation portion commenced in January 2025 and is scheduled for completion in seven years, with the entire redevelopment expected to take 17 years.
Source: Hindustan Times
