Gautam Adani, whose businesses in ports, power and cement have made him Asia’s second-richest person, is now quietly building a vast real estate empire that is set to reshape Mumbai, one of the world’s most expensive property markets. Since 2010, his company Adani Realty has built a presence in India’s major tech and financial cities, from Ahmedabad to Mumbai. It is now worth about $1.5 billion, according to the Bloomberg Billionaires Index.
His property expansion strategy is twofold: buying up loss-making construction companies, while aggressively bidding on government redevelopment projects that have earned him the right to turn Dharavi, one of the world’s largest slums, into a modern township.
Mumbai is crucial to this expansion plan, according to Pranav Adani, MD of Adani Realty and Gautam Adani’s nephew. In the Dharavi project, his company Navbharat Mega Developers will redevelop 151 acres, which is estimated to cost about $11 billion. A portion of the area will be used to rehabilitate residents, while the remaining land will be used to build commercial flats and offices, with the potential to fetch up to $14 billion. Assuming an average profit of 25%, Adani could earn up to $3 billion from this, although this does not include taxes, interest and other expenses.
Under the project, Adani will not only build houses but also maintain the structure for the next 10 years. Although the plan looks profitable, it is highly complex and risky on social, legal and logistical levels. According to Liases Foras, the project is as costly and difficult as it looks profitable.
Still, Adani sees the project as an opportunity to build his legacy in India. The slogan ‘We will deliver’, which emerged after the allegations by Hindenburg Research, has now become a symbol of the group’s confidence. If his work in Dharavi succeeds, it will strengthen his brand and investor confidence — especially at a time when the US Justice Department is pursuing him in an alleged bribery case. However, the Adani Group has denied all these allegations.
Gautam Adani, who is worth more than $84 billion, calls the project “a transformational step”. He said that this will move more than 1 million people from narrow streets to modern townships where they will get open spaces, toilets, schools, hospitals and other necessary facilities.
Adani Becoming A Major Competitor
Even outside Dharavi, Adani Realty has started competing with established companies like DLF, Lodha and Godrej. The company may soon explore the possibility of an IPO, though there are no plans at the moment.
Adani has also shown interest in acquiring companies like Jaiprakash Associates, which could further strengthen his real estate portfolio. They are currently working on several projects in Mumbai that were previously stalled due to legal or financial reasons.
Radius Estates, which Adani bought in 2023 for just $9 million, has now been revived as a mega 15-tower project called ‘Ten BKC’, which has now cost $530 million.
Advancement In Government Projects
In recent years, Adani Realty has won several key government contracts in Mumbai — such as the $4.1 billion North Mumbai Housing Scheme and the $3 billion Seafront Residential Project. They are also making commercial use of land around the Mumbai and Navi Mumbai airports.
But Dharavi is both the biggest challenge and opportunity. Here they have invested Rs 50 billion upfront and will build 15,000 houses along with office space in the first phase. The area, known from films such as Slumdog Millionaire, is an extraordinary challenge for any developer because of its complex land rights and dense population.
As Vinod Shetty, a social activist and lawyer, says, “The city centre is shifting from the south to the centre, and Adani could be the biggest beneficiary of this shift.
