The Maharashtra government has floated global tenders for the redevelopment of Asia's biggest Dharavi slum spreading across 600 acres in the heart of Mumbai metropolitan city. The state is keen to redevelop the project through a joint venture wherein the selected partner is expected to hold 80% equity, which is ₹400 crore and the state government will hold 20% worth ₹100 crore equity capital.
The Slum Rehabilitation Authority will award the contract to the bidder quoting the highest amount over and above the stipulated minimum investment of ₹1,600 crore that the lead partner of this special purpose vehicle is ready to bring in. The lead member of the consortium shall have a minimum consolidated net worth of ₹20,000 crore as per the latest balance sheet and such balance sheet shall not be earlier than March 31, 2022. The bidder or the technical member of the bidding consortium is expected to have total experience in the development of real estate projects of not less than 6 million sq ft in the last seven years.