Maharashtra floats tender for ₹22,000 cr Dharvi DRP project
In order to speed up the Dharavi Redevelopment Project (DRP) project to transform Asia's largest slum area of the world into an integrated and planned township, the Maharashtra Government recently floated global tenders for the ₹22,000 crore realty project spreading over 240-hectare area, said official sources, claiming that the redevelopment project is being seen as the biggest and ambitious initiative undertaken for the region since 1972, after which there have been slum improvement Project in 1976, Slum Upgradation project in 1985, Slum Rehabilitation Scheme in 1995, and then the Dharavi Redevelopment Project of 2004. As per the guidelines notified in the tender, the selected lead partner has to form a special purpose vehicle (SPV) with 80 per cent equity (₹400 crore), while the state government in Maharashtra will hold 20%t equity worth ₹100 crore in the project. The SPV will construct free houses for the eligible slum dwellers with allied amenities and infrastructure. The SPV will be entitled to construct houses in the free sale area and sell them in open market. The state government has fixed 4 as Floor Space Index (FSI) for the mega project.
