New Delhi: The controversial Dharavi Redevelopment Project has come into prominence in the last Maharashtra assembly elections by the involvement of the Adani Group. Now, since the BJP-led Mahayuti alliance is likely going to stay in power, the outcome of the election is going to have a great impact on this project and its beneficiaries, like Adani.
The Dharavi Redevelopment Project seeks to change one of the largest slums in Asia into a modern urban area. It will affect between 4 and 8 lakh residents. The very ambitious project has been an election issue to woo the voters, which created a lot of worry among people. While a few hope that infrastructure and housing will become good with its implementation, others are worried about displacement and not getting proper compensation.
Congress party leaders, among the opposition leaders, slammed the BJP for allegedly helping the Adani Group win this key project. Rahul Gandhi charged Prime Minister Modi with prioritizing corporate politics over local needs. On the contrary, Chief Minister Eknath Shinde stood by the project, indicating it would accommodate nearly 2 lakh people and raised standards of living in Dharavi.
Dharavi witnessed an upsurge in voters-this time up to 50.03%-increasing the voter turnout much above previous elections, again relating to more interest on the side of the public in the redevelopment issues and wanting better living conditions. Many were hoping for a change in leadership might bring improvements to the housing and infrastructure. However, many were skeptical of the new government eventually being of benefit, while others were more hopeful in redevelopment stirring growth.
The election was very close between Congress’s Jyoti Gaikwad and Shiv Sena’s Rajesh Khandare, reflecting the diverse complexities of socio-economic conditions of Dharavi.
What does BJP win mean for Adani?
With the likely win of the BJP, what exit polls say currently would create a stable platform for redevelopment projects such as Dharavi. A continued BJP government makes it easier to pursue political and economic growth projects in Mumbai. Stability in the delivery of governance ensures that the Adani Group can pursue its expansion into urban development projects in India.
Investors are paying close attention to how the election results will affect Adani’s stock market performance. Adani Group shares have been volatile recently, partly due to legal issues surrounding Gautam Adani. However, with a supportive government in place, there is potential for these shares to recover and grow as infrastructure projects move forward.
