India, June 4 -- Construction on 43% of the total 108.99 hectares allocated for the Dharavi redevelopment project will be available for free sale in the open market, according to the Master Plan approved by the Maharashtra government.

Under this free sale component, Navbharat Mega Developers Private Limited (NMDPL), a special purpose vehicle (SPV) formed as a joint venture between the Maharashtra government and the Adani Group, will be allowed to develop property units on approximately 47.95 hectares.

According to sources, the joint venture is likely to launch the first phase of the free-sale component, including residential properties, by the end of the year, timed around the festive season. Over 50% of the residential units in this ph...