Mumbai (Maharashtra) [India], June 4 (ANI): Dharavi, one of the most densely populated urban settlements in Mumbai, is set to be transformed into a congregation of a smart city, multi-modal transport hub and public spaces under the ongoing redevelopment project, according to a report by HSBC.

The report highlighted key discussions from the session 'Transforming Dharavi: A Model for Inclusive Urban Renewal' held at the Adani Annual Conference 2026, where Pranav Adani and Anil Sardana, CEO of Navbharat Mega Developers, outlined the vision and progress of the project.

According to HSBC, the Dharavi Redevelopment Project is among the largest urban redevelopment projects in Asia and involves the rehabilitation of around 125,000 homes.

It stated, 'Dharavi project offers 95msf (million square feet) of redevelopment.... it will be a congregation of a smart city, multi-modal transport hub, public space, and rehabilitation of homes.'

Dharavi, spread across about 600 acres in central Mumbai, is home to more than one million people and hosts major industries including pottery, food processing, leather and plastic scrap businesses.

The redevelopment project was approved in 2022 and is being executed through a public-private partnership between the Government of Maharashtra, which holds a 20 per cent stake, and the Adani Group, which holds 80 per cent.

The project spans around 225 million square feet (msf), comprising approximately 95 msf of rehabilitation area and 130 msf of free-sale area.

The rehabilitation component will cater to more than one million slum dwellers through the construction of over 125,000 housing units. Around half of these units will be built within Dharavi, while the remaining units will be developed across six locations in the Mumbai Metropolitan Region.

HSBC noted that the project offers a significant real estate opportunity through the development of 130 msf of free-sale area located around five kilometres from Mumbai's central business district, Bandra Kurla Complex (BKC).

The report said the redevelopment plan goes beyond housing and includes major infrastructure development. Plans include a multi-modal transport hub featuring three metro stations, bus depots, schools, healthcare facilities, sports centres, green spaces and pedestrian walkways.

According to the report, the project aims to create a modern urban ecosystem while improving living conditions and infrastructure for residents.

HSBC also highlighted the scale of execution involved in the redevelopment. The Adani Group expects the rehabilitation phase to be completed over the next seven to eight years.

The first building on land belonging to Indian Railways is expected to be handed over in December 2026, while construction of around 30,000 housing units is planned to be underway during FY27.

Apart from housing and commercial development, the project includes several environmental initiatives. These include cleaning the Mithi River and the Deonar dumping ground, developing a six-kilometre mangrove creek and creating a Marine Drive-style promenade along the Mithi River.

The company also plans to provide 10 years of operations and maintenance support for rehabilitated housing units.

According to HSBC, the Dharavi redevelopment project combines housing rehabilitation, infrastructure creation, environmental improvement and commercial development, positioning it as a model for inclusive urban renewal and one of India's most ambitious city transformation projects. (ANI)