Realty players caution on the Maharashtra Govt's move on retrospective changes in Dharavi project

Q: Builders in Maharashtra taking caution on Govt.'s move to redevelop Dharavi Slum spread over 154 hectare in North-central Mumbai through PPP model.

Kunal,

8th January 2016

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Replies (3)

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Ashadeep, Apartment Resident, Jaipur

8th January 2016

Comment

Hi,
Do you have any project in Mumbai or Navi Mumbai? I am planning to buy a 2BHK and my budget is Rs. 75 lacs. If there any development near Mumbai or Navi Mumbai, plz. let me know. Thanks ...

Rajatrawal, Mumbai

27th January 2016

Yes, and it is expected that 108000 houses to be built of which private builders/developers will be entitled to sell 40000. It is not just about numbers, but a lot to do with configuration and project specification. And you know that this area is considered as Asia's biggest slum, a dishonor which may not allow developers to go for highly rewarding luxury housing segment which can render the project financially unworkable.

Amreesh Murugan,

8th January 2016

Comment

It's true Amreesh. I think this project may face a steep challenge on probability in the current depressed markets. But on the other hand, this location will command enough premium to earn profit specially when Island city doesn't have any other land parcel of its size.

Awar Ali,

8th January 2016

For that it needs to be clarity on contractual terms. Responsibilities of the shareholders developing this node are to be informed in advance. Biometric final surveys of slum dwellers are likely to be the most difficult and tedious step in the whole process. So, it is true that there need to be processes set for the clarity and transparency.

Ananya,

8th January 2016

@Ananya,
And the Builders Association of India spokesman Anand Gupta suggested that the government will have to complete necessary legal and administrative procedures especially with regard to deciding the eligibility of beneficiaries for smooth execution of the proposed redevelopment.

Amreesh Murugan,

8th January 2016

Maharashtra Government admitted that Dharavi enjoys locational advantages but biggest challenge project faces is social rehabilitation of current occupants as many small businesses like pottery, leather business and small scale industries operate from these settlements. These businesses will have down their shutters without proper rehabilitation.

Amreesh Murugan,

8th January 2016

Comment

Because of that the govt. of Maharashtra took a decision to provide 350 sq-ft. home free of cost to 58243 inhabitants of Dharavi Slum. The redevelopment will take place on 154 hectare of which state undertaking Maharashtra Housing & Area Development Authority that will redevelop 27 hectare while private developers will be involved through competitive bidding in four sectors covering 127 hectare.

Ananya,

8th January 2016