HSBC Adani Annual Conference 2026 Report Details Dharavi Redevelopment Milestones: First Handover December 2026, 30,000 Units in FY27
HSBC Report Outlines Execution Timeline for Asia's Largest Urban Redevelopment
The Adani-led Dharavi redevelopment is presented as one of Asia's largest urban renewal schemes and aims to convert the settlement into a smart city precinct and transport hub while rehabilitating 0.125 million housing units for more than 1.0 million residents, according to an HSBC report summarising a panel at the Adani Annual Conference 2026.
Near-Term Milestones: December 2026 and Beyond
The plan prioritises rehousing and social infrastructure, with the developer proposing to deliver housing and allied facilities across seven to eight years while starting construction of around 30,000 units in the next financial year and targeting an initial handover on Indian Railways land in December 2026. The timing represents the first tangible residential delivery after years of planning and land acquisition.
The Adani-led Dharavi redevelopment is presented as one of Asia's largest urban renewal schemes and aims to convert the settlement into a smart city precinct and transport hub while rehabilitating 0.125 million housing units for more than 1.0 million residents, according to an HSBC report summarising a panel at the Adani Annual Conference 2026.
Scale and Land Footprint
The overall redevelopment spans around 225 million square feet, making it one of the largest urban renewal projects currently under execution globally. According to HSBC, the redevelopment project involves a rehabilitation area of 95 million square feet and plans for more than 125,000 housing units for slum dwellers.
Half of these are planned in the current area of Dharavi while the rest is spread across six areas in the MMR region. HSBC highlights a substantial commercial opportunity with about 130 million square feet of free-sale real estate located roughly five kilometres from Bandra Kurla Complex, Mumbai's central business district.
Partnership Structure and Governance
The report noted that the Dharavi Redevelopment Project was approved in 2022 and is structured as a public-private partnership between the Maharashtra government and the Adani Group. The project is structured as a public-private partnership in which the Government of Maharashtra holds a 20 per cent stake and the Adani Group 80 per cent.
Infrastructure and Civic Amenities
Beyond homes, the programme includes schools, healthcare facilities, sports centres, green spaces and pedestrian walkways intended to create a modern urban ecosystem for relocating residents and formalising livelihoods tied to local industries.
A central element is major transport infrastructure intended to increase land value and connectivity, including a multi-modal transport hub with three metro stations, bus depots and last-mile improvements. The redevelopment also plans environmental interventions such as cleaning the Mithi River, redeveloping the Deonar dumping ground, a six-kilometre mangrove creek and a Marine Drive-style promenade.
Operational Commitment
The company also plans to provide 10 years of O&M for the rehabilitated units, clean up the Mithi river and Deonar dumping ground, develop a 6 km-long mangrove creek and a Marine Drive-style promenade along the Mithi river, amongst other infrastructure upgrades.
Adani Realty's Track Record and Expansion
Adani Realty is now one of the country's largest property players and is worth about $1.5 billion, according to the Bloomberg Billionaires Index. The group has expanded significantly in Mumbai's market beyond Dharavi. In the last two years, Adani Realty has secured major government projects in Mumbai, including a $4.1 billion housing development in the north of the city and a $3 billion residential and commercial complex overlooking the Arabian Sea in the upmarket suburb of Bandra West.
The Dharavi execution forms part of a broader strategy by Adani Realty to participate in slum rehabilitation and government redevelopment contracts, which have less regulatory obstacles thanks to the states' involvement and the developer receives rights to develop apartments to be sold on the open market.
Context: Dharavi's Economic Fabric
Spread over an area of around 600 acres, it houses more than a million people in a densely populated slum along with four large industries -- pottery, food processing, leather, and plastic scrap, according to an HSBC report. The redevelopment's success will partly depend on how effectively it preserves these existing micro-economies while upgrading infrastructure and housing standards for residents.