The Maharashtra government has handed over possession of a 118-acre plot of land at Mukteshwar in Mumbai’s Malad Malvani district to the Dharevi Redevelopment Project of the Slum Rehabilitation Authority (SRA) for rehabilitation of residents, as part of the Dharevi Redevelopment Project, Mumbai Suburban District Collector Saurabh Katiyar confirmed to Hindustan Times Real Estate.
Sources said that as per the plan, the site in Malad will be used to house Dharavi residents who are not eligible for on-site rehabilitation within Dharavi.
The Dharavi redevelopment project is being undertaken by Adani Group’s Navbharat Mega Developers Pvt Ltd (NMDL), in which the Maharashtra government also has a stake. The ownership of the Malad land will remain with the SRA, while Adani Group’s special purpose vehicle (SPV), NMDPL, will retain development rights.
The total value of the 118-acre land is estimated at approximately $540 Crores. I paid NMDPL $135 crore as premium for development rights on the 118-acre plot.
Read also: Dharavi Redevelopment: 6 Key Things You Should Know About India’s Largest Urban Renewal Project
As per the plan, the site in Malad will be used to house Dharavi residents who are not eligible for on-site rehabilitation within Dharavi. The plot will rehabilitate the residents residing on the top floor who were settled in Dharavi after January 1, 2011 and before November 15, 2022.
In addition, Adani Group will use part of the plot of land to build apartments under the sale component for sale in the open market, the sources said.
Overall, the state has identified and allocated around 540 acres of plots within the Mumbai Metropolitan Region (MMR) for affordable housing as part of the Dharavi Redevelopment Project. These include lands in Kurla, salt lands in Kanjur, Bhandup, Mulund, and parts of the Deonar landfill, to facilitate large-scale rehabilitation.
According to officials, 1.25 to 1.5 million new homes will be built to rehabilitate about 10 million residents of Dharavi.
As per the Maharashtra Slum Rehabilitation Act, every eligible resident of Dharavi will get one rehabilitation unit, regardless of the number of dwellings he owns. These units are 350 square feet, an upgrade from 300 square feet units available in other slum redevelopment projects.
Residents deemed ineligible for rehabilitation within Dharavi will be moved to rented housing complexes outside the area under buy-to-let arrangements.
Read also: Dharavi Redevelopment Project: 94,500 tenants got unique IDs, 70,000 homes scanned, says NMDPL
What is Dharavi Redevelopment Project?
The Adani Group emerged as the winning bidder for the project in November 2022, committing an initial investment of $5,069 crore to kick-start the long-awaited transformation of one of Asia’s largest slum clusters.
Adani Group’s SPV Navbharat Mega Developers Private Limited (NMDPL) is a joint venture between the Maharashtra government and Adani Group, which is implementing the project. It is also known as the “world’s largest urban renewal project” and “the first step towards making Mumbai slum-free”.
Read also: MHADA starts online sale of 118 apartments in Mumbai on first come first served basis. Click for more details
NMDPL has set a deadline of 7 years to build the houses needed for rehabilitation, while the government has set a comprehensive timeline of 17 years to complete the complete redevelopment of Dharavi.
