Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
In September this year, the government of Maharashtra first announced its intention to reopen the ambitious Dharavi redevelopment project. The following month, they floated global tenders offering a joint development opportunity where the private partner would hold 80 per cent equity while the remaining 20 per cent will be held by state government.
The plan includes an integrated redevelopment plan for residential, commercial, and industrial units across 240 hectares of land (Dharavi Notified Area and DRA) at an estimated cost of 23,000 crore rupees. It is estimated that around 58,000 slums dwellers living in Dharavi are legally eligible for free housing. However, these slums have an equal number of ineligible residents living there as tenants. Phase 1 is projected to be completed within 7 years of issuances of the commencement certificate.
Eight builders including entities from South Korea and UAE, along eleven PMC companies attended the pre-bid meeting. The Dharavi Redevelopment Authority (DRA) received six bids of which three have qualified. The three qualifying bids are from Mumbai based Adani Realty and Shree Naman Group and Delhi based housing construction company DLF. Adani Infrastructure has bid for the project in 2018 but lost out to Dubai based SecLink Group. The tender eventually fell through on account of the railway land not being part of the bid document.
This will be the fourth attempt of the state government in the last fourteen years to redevelop the mammoth Dharavi slums. The project faced several hurdles and challenges in the past owing the size and scale. Earlier this year, in a step forward, the Union Railway Ministry signed a legal contract with the Dharavi Redevelopment Authority to transfer 47.5 acres of railway land in Dadar for the redevelopment project. Further, a floor space index (FSI) of 4 was granted for the redevelopment along with a reduction in the base price to 1,600 crore rupees from 3,100 crore rupees and other discounts to encourage private builders to bid for the project.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
