Dharavi Redevelopment Project Private Ltd (DRPPL) has rebranded itself as Navbharat Mega Developers Private Ltd (NMDPL) - matching with the company's promise of building a modern, inclusive and vibrant community, it was announced on Saturday.
The initiative is not just to change the name DRPPL but also to avoid being mistaken for the government authority in the same space, which is DRP (Dharavi Redevelopment Authority), the special planning authority of the state government dealing with Dharavi's redevelopment.
"The role of the Maharashtra Government remains unchanged and DRP continues to be the supervising authority for the ambitious project," said the company.
The name Navbharat Mega Developers is rooted in the company's commitment to growth, change and hope, and the rebranding exercise that has received the affirmation of its Board of Directors and the Ministry of Corporate Affairs.
NMDPL is a special purpose vehicle (SPV) formed as a joint venture between the Maharashtra government and the Adani Group.
"This change reflects the company's fresh outlook and obligation to creating a broader and brighter future for everyone associated with or beneficiary of the gigantic and historic task of rehabilitating slums across the nation," said NMDPL.
The name Navbharat, which means "New India," reflects the massive potential this project holds in shaping a better tomorrow.
On the other hand, Mega highlights the sheer scale and impact of the work being undertaken, while Developers points to the role the company intends to play in building a thriving community.
"As India works towards its ambitious goal of becoming slum-free, Dharavi's redevelopment is a crucial step in that direction. With this new name, NMDPL is reaffirming its pledge to the national cause," it noted.
The Dharavi Redevelopment Project is unique because there will be no financial burden on the residents. The state government has decided to provide free housing to eligible residents of Dharavi.
Additionally, the government is committed to offering affordable housing to ineligible residents under the Pradhan Mantri Awas Yojana or through a hire-purchase scheme - all designed to offer maximum benefits at the most affordable rates.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Track Latest News Live on NDTV.com and get news updates from India and around the world
