Mumbai

Dubai group and Adani quote Rs 7,500 cr and Rs 4,500 cr for Dharavi's redevelopment

 

The Dubai-based Sec Link Group and the Adani Infrastructure have quoted Rs 7,500 cr and Rs 4,529, respectively, for the redevelopment of Dharavi. The base price set for the project by the Dharavi Redevelopment Authority is Rs 3,150 cr.

 

The two were the only ones to bid for the Rs 26,000 cr (estimated) redevelopment project, financial bids for which were opened on Wednesday.  The bids will now be placed before a high-powered committee headed by the chief secretary, comprising senior bureaucrats from departments like housing and urban development, and BMC. 

 

Since 2004, the state government has made many bids to redevelop the slum. It recently formed a special purpose vehicle, with the government holding an equity of 20%. The government will invest Rs 100 cr, while the remainder will be provided by the developer. 

 

“We hope it will succeed this time,” said a government official. The developer is likely to be finalised by the first week of February. 
In its development plan for Dharavi, the authority proposed a separate zone for small-scale industries, which will be given a tax holiday for few years once construction begins. 

 

It is estimated that one lakh tenements will be required to be built as all slum-dwellers up to 2011 are to be rehabilitated. Those who settled post-2000 will have to pay a transfer fee.
 

Written by The Realty Paper


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