Supreme Court Declines to Halt Dharavi Redevelopment Project

Supreme Court Declines to Halt Dharavi Redevelopment Project

Supreme Court Declines to Halt Dharavi Redevelopment Project

The Supreme Court on Friday declined to impose a status quo on the Dharavi redevelopment project, allowing construction to continue while seeking responses from the Maharashtra government and Adani Properties Pvt Ltd on a petition challenging the Bombay High Court’s December 20, 2024 verdict. The high court had upheld the tender awarded to the Adani Group, rejecting claims of arbitrariness or favoritism and dismissing a plea by UAE-based Seclink Technologies Corporation, which had initially won the bid in 2018 with a Rs. 7,200-crore offer before the tender was scrapped and reissued in 2022, where Adani secured the project for Rs. 5,069 crore.

During the Supreme Court hearing, Seclink offered to raise its bid by 20% to Rs. 8,640 crore and requested a halt on the project, which the bench refused. The court directed the petitioner to file an affidavit confirming its commitment, while also instructing Adani Properties to channel project payments through a single bank account. With construction already underway and over 2,000 workers engaged, Adani’s legal team argued that halting the project would be disruptive. The next hearing is scheduled for the week of May 25, as the court considers the validity of the re-tendering process for the 259-hectare redevelopment of one of the world's largest slum colonies.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/