STC of Italy secures Dharvi slum project worth ₹22,000-cr

The ambitious Dharavi Redevelopment Project has finally been awarded to Dubai-based Seclink Technology Corporation (STC) at an investment of ₹22,000 crore. The mega housing project is located close to suburban railway stations and Mumbai's Bandra Kurla Complex business district as such the treasure trove bustling area alone commands a land value worth ₹10,000 crore.

The slum project to be redeveloped with 80 per cent private stake and 20 per cent contribution from Dharavi Redevelopment Authority STC has already cleared the technical scrutiny. The bid winning firm's current plan is to use 200 acres for rehabilitation of residents and commercial units, 100 acres for a large garden and 300 acres for constructing commercial complexes. The plan promises 350 sq ft houses for the slum's dwellers even as earlier estimates of 58,000 required tenements have gone up to 1 lakh but the company is backed by the royal family of the United Arab Emirates (UAE) and funds are not likely to be the problem. While the land use plan for the slum is ready, STC is to prepare the master plan, with the project expected to be completed in nine years.