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Maharashtra invites bidders from India and abroad for Dharavi redevelopment project

The government has notified about 240 hectares as the Dharavi slum redevelopment area having nearly half a million human habitation.

to attract bidders, the state has said that Dharavi is situated close to the Bandra Kurla Complex, which is known to be the financial hub of Mumbai. (File photo)

Maharashtra has invited fresh bidders for carrying out the Dharavi redevelopment project in the state. The Housing Authority has invited experienced and qualified bidders from India and abroad for integrated redevelopment of Dharavi through the International Competitive Bidding. The government has notified about 240 hectares as the Dharavi slum redevelopment area having nearly half a million human habitation.

Accordingly, the project will be awarded to the qualified bidder, quoting the highest amount over and above the minimum stipulated Rs 1,600 crore investment that the lead partner of the Special Purpose Vehicle (SPV) Company is ready to bring in the SPV Company as per the terms and conditions set by the authority. Apart from the equity of Rs 400 crore, any investment required for the project shall be brought by the lead partner in the form of Compulsorily Convertible Securities such as Compulsorily Convertible Debentures and/or Compulsorily Convertible Preference Shares, the state government has mandated.

Interestingly, to attract bidders, the state has said that Dharavi is situated close to the Bandra Kurla Complex, which is known to be the financial hub of Mumbai. Similarly, it is the centre point of Mumbai and well connected with all kinds of public transport modes. The railway stations at Sion, Mahim, Chunabhatti, GTB Nagar and King’s Circle are adjacent to Dharavi.

Furthermore, it stressed how the Mumbai Metro Rail Corporation Ltd is developing the Dharavi Metro station (Mumbai Metro Line-3), which has connectivity to South Mumbai, BKC and the International Airport.

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Additionally, the connectivity of the area will get further strengthened by plans of the MMRDA to develop one more road linkage to Bandra Work Sea Link near Dharavi. The Mumbai Trans-Harbour link under construction connecting central Mumbai with the International Airport is very close to Dharavi.

Besides improved connectivity and new infrastructure projects that are coming up, the state is also offering various types of concessions for the speedy completion of this project and integrated development of the area.

The selected lead partner has to form an SPV with 80 per cent equity (Rs 400 crore) and the Maharashtra government will hold 20 per cent equity (Rs 100 crore). SPV will be responsible to construct free housing for the eligible slum dwellers and occupants, including amenities and infrastructure. Whereas in lieu of it, it will be entitled to construct a free sale area to sell in the market.

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The proposed completion period of the construction of rehab, renewal, amenities and infrastructure is of seven years from the date of Commencement Certificate (CC) for the first phase of the project, the state government has cleared.

First published on: 01-10-2022 at 04:43:54 pm
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