Home Urban Infrastructure News Realty News Dubai group quotes Rs 7,500 crore for Dharavi’s redevelopment, Adani Rs 4,500...

    Dubai group quotes Rs 7,500 crore for Dharavi’s redevelopment, Adani Rs 4,500 crore

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    redevelopment project

    The two were the only ones to bid for the Rs 26,000 crore (estimated) redevelopment project, financial bids for which were opened on Wednesday.

    Sources said 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 crore, 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, sources said.

    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.

    Info- https://realty.economictimes

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