The Maharashtra government has entrusted Brihanmumbai Municipal Corporation (BMC) with the responsibility of monitoring Transfer of Development Rights (TDR) generated from the Dharavi Redevelopment Project (DRP). A notification to this effect issued on November 6 outlines BMC's role in facilitating a fair and transparent disposal of available TDR through various electronic systems like e-tenders, auctions, quotations, or D-mat, in consultation with the state government. The recent notification also has mandated the TDR from DRP to be used on priority before utilisation of other TDR. The aim of this move is that 40% of TDR of this project be consumed/ sold in the market, said an official from Mantralaya, who did not wish to be named. Essentially, developers engaged in projects requiring TDR will need to prioritise the use of DRP TDR before considering any other TDR, as clarified by the official. However, this condition will only take effect once the generation of DRP TDR commences. Presently, the project is in the phase of forming a Special Purpose Vehicle, the official added. Varsha Gaikwad, President of Mumbai Regional Congress Committee and the Dharavi constituency legislator in the State Assembly, criticised this decision taken by the Shinde-Fadnavis coalition government. She voiced her concerns on social media, alleging that the government has effectively handed over Mumbai's real estate market to the Adani conglomerate. The Dharavi area, spanning 2.8 sq km, often referred to as Asia's largest slum in Mumbai, is set for redevelopment. After a decade-long wait, Maharashtra finally secured a successful bidder in November last year. Adani Realty, a segment of Adani Group, won the bid with an offer of Rs 5,069 crore for the overhaul of Dharavi redevelopment. In Dharavi, the component involving rehabilitation buildings aims at being ready within seven to eight years, starting from the day of allotment of the commencement certificate (CC). The entire project timeline, including rehabilitation and saleable components, extends over approximately 17 years and is estimated to cost around Rs 20,000 crore.
