Maharashtra Govt Approves Stamp Duty Concessions for Dharavi Redevelopment SPV
The Maharashtra government has approved stamp duty concessions for the Special Purpose Vehicle (SPV) formed for the Dharavi Redevelopment Project, aiming to expedite the large-scale rehabilitation and redevelopment of Asia’s largest slum cluster.
Dharavi RedevelopmentMaharashtra GovernmentStamp Duty ConcessionsSpecial Purpose VehicleReal EstateReal Estate MaharashtraJun 17, 2025
The move aims to expedite the implementation of this large-scale rehabilitation and redevelopment initiative in one of Asia’s largest slum clusters, the Chief Minister's Office (CMO) said in a statement on June 17.
The decision was taken at a meeting chaired by Chief Minister Devendra Fadnavis. An SPV has been set up for the integrated redevelopment of Dharavi, a sprawling slum settlement in central Mumbai. The project is a joint venture between the Maharashtra government and the Adani Group.
The Dharavi project has already been designated a vital urban infrastructure and special project, qualifying it for such concessions, the statement said. The concession applies to sub-lease agreements involving the Railway Land Development Authority (RLDA), Delhi, the Dharavi Redevelopment Project SPV, and the Slum Rehabilitation Authority (SRA), Mumbai. These agreements have now been officially included under the state’s stamp duty relief policy to facilitate smoother execution.
The redevelopment is being carried out by a special purpose vehicle (SPV) set up through a joint venture between the Maharashtra government’s Slum Rehabilitation Authority (SRA) and the Adani Group’s Dharavi Redevelopment Project Private Limited (DRPPL), now known as Navbharat Mega Developers Private Limited (NMDPL). In this SPV, Adani Properties Private Limited (APPL) holds an 80 per cent stake, while the SRA holds the remaining 20 per cent. The Adani Group won the bid for Dharavi redevelopment in November 2022.
In a parallel decision, the Maharashtra cabinet approved a 50% stamp duty concession on land agreements related to the Raigad Pen Growth Centre project, a joint initiative between the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd. The growth centre is located in Pen taluka near Mumbai and falls within the New Town Development Authority limits of the MMRDA. The project for which a stamp duty concession is being granted involves registering 1,217.71 acres of land in the name of a special purpose vehicle.
Once completed, the growth centre will feature fintech parks, education and healthcare hubs, entertainment zones, affordable housing, retail spaces, and commercial clusters. According to the statement, the project in Pen is based on global urban planning standards and executed under a public-private partnership (PPP) model. It is expected to attract significant foreign investment and generate large-scale employment opportunities. The state expects long-term gains through higher stamp duty and tax revenues, which prompted the decision to offer a 50% concession on stamp duty.
Frequently Asked Questions
What is the Dharavi Redevelopment Project?
The Dharavi Redevelopment Project is a large-scale rehabilitation and redevelopment initiative for Dharavi, one of Asia’s largest slum clusters in central Mumbai, aimed at improving living conditions and infrastructure.
Who is involved in the Dharavi Redevelopment Project?
The project is a joint venture between the Maharashtra government’s Slum Rehabilitation Authority (SRA) and the Adani Group’s Dharavi Redevelopment Project Private Limited (DRPPL), now known as Navbharat Mega Developers Private Limited (NMDPL).
What is the purpose of the stamp duty concessions?
The stamp duty concessions are aimed at expediting the implementation of the Dharavi Redevelopment Project by reducing the financial burden on lease agreements between the Special Purpose Vehicle (SPV) and related government bodies.
What is the Raigad Pen Growth Centre project?
The Raigad Pen Growth Centre project is a joint initiative between the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd, located in Pen taluka near Mumbai, designed to feature fintech parks, education and healthcare hubs, and more.
What benefits does the Raigad Pen Growth Centre project offer?
The project is expected to attract significant foreign investment, generate large-scale employment opportunities, and bring long-term gains through higher stamp duty and tax revenues for the state.
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