Private Property Developers Join Hands to Redevelop Mumbai

Who would have thought that Asia’s largest slum – Dharavi- would become a prized property in Mumbai? Today, every inch of land in Dharavi is sought after. The civic agencies have called in private property and infrastructure developers to revamp the locality.

Real estate developers are striving to get hold of this redevelopment project since Dharavi’s development plan will free 535 acres of urban land in Mumbai. The Maharashtra government has embarked on a Rs 9,260 crore plan to redevelop Dharavi. Big real estate developers like DLF, Emaar MGF and Akruti Nirman have expressed their interest in rebuilding Dharavi. The Maharashtra government claims that many global property builders have also bid for this project but the details have not been disclosed. The government has received expressions of interest from 26 consortia – with three partners each. Of the 78 companies that have shown interest, 25 are international ones; only one consortium is completely Indian.

Meanwhile, the scramble for a piece of Dharavi has begun. The property prices in Dharavi have almost doubled, fetching around Rs 6,000 – 10,000 per sq The slum occupies around 535 acres of land bank in the heart of space-strapped Mumbai, between the city’s swank Bandra Kurla Complex on the one side, and residential neighbourhood Sion on the other.

Inspired by this sudden surge in property values, the real estate developers are now keen to consider the redevelopment of other slums in Mumbai.

Property developers have started looking at the northeastern pockets of the city. These areas have a lot of land available, and are well connected with road network. Moreover in a city where residential property rental values are among the highest in the world, re-development provides an affordable option for property developers and home seekers. Hence, it is a win-win situation for all.

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