Maharashtra speeds up ₹20,000 cr Dharavi slum reconstruction

Dharvi slum reconstruction
The redevelopment of Dharavi slum at an investment of ₹20,000 crore has recently got a push with the State Cabinet granting it special project status and approving a special purpose vehicle (SPV) for faster execution of the project. The SPV will have 80% stake of the developer and the government will have the rest and that the project will be implemented on around 200 acres where 59,160 ground plus two and ground plus three floors will come up. In addition, the Railways approved to give 90 acres of its land in Matunga and Dadar, for the redevelopment project, however, the housing department pegged the actual cost of the project will touch around ₹50,000 crore. Residents with structures up to 300 sq.ft will get new houses of 350 sq.ft while those with more area will get structures with existing area and 35% of the fungible FSI, Housing Minister Prakash Mehta said, adding that the project is likely to create five crore square feet of saleable FSI. It may be recalled that the redevelopment project has been pending since 2004 as two attempts to call for tenders garnered no response. Tenders for the redevelopment of sector 1 to 5 between 20017-11 and for sector 1 to 4 in 2016 failed despite five extensions.
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