Mumbai: Unlike the previous instance, the Maharashtra government’s latest attempt to redevelop Dharavi has drawn interest from domestic real estate players. Adani Properties, DLF, and Shree Naman Developers are in the fray to revamp Asia’s second-largest slum cluster.
“All three have bid independently, without any joint venture with an overseas company,” said SVR Srinivas, Chief Executive Officer, Dharavi Redevelopment Project.
In the next few days, the officials will scrutinise the three proposals received prior to announcing the award of the contract to one of the three companies.
In September, Adani Group’s Chairman Gautam Adani met Uddhav Thackeray at the latter’s residence- Matoshree, and another meeting was with Chief Minister Eknath Shinde.
In the last one and a half months, since the plan was floated for proposals from across the world, a total of eight companies had shown interest in taking up the project, including international players.
An area of 240 hectares of prime land right next to the existing commercial business district of Bandra KurlaComplex will undergo the change. It involves the rehabilitation of families and commercial units in Dharavi.
The project will be awarded to the consortium quoting the highest amount of investment, above the stipulated Rs 1,600 crore. The developer is also supposed to acquire 24.62 hectares of private land, except for the already developed areas within sectors one to four inside Dharavi.
In the Special Purpose Vehicle, private players will hold 80% equity, and the state government balance 20%. In lieu of the free housing component for around 60,000 families and 13,000 commercial units, the private company will be permitted a Floor Space Index of 4 among other concessions, better charges, inspection charges, layout deposit amount, usage of extra FSI anywhere in Mumbai, refund of state GST, among others. Each slum owner will be entitled to a minimum of 405 sq. ft. unit of carpet area.
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