Maharashtra Requests Bids For The Project To Reconstruct Dharavi
By issuing international tenders, the Maharashtra government has launched the huge Dharavi redevelopment project in Mumbai. The State has announced several relaxations to attract bidders for the 260-acre project, which aims to restore almost 55,000 families. What will the redevelopment involve, though? What effect will it have on the city’s real estate market? Find out by reading on!
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The Dharavi rehabilitation project, a massive programme for Mumbai, has been put out to international bids, according to Devendra Fadnavis, the state’s deputy chief minister. The state government has completed all necessary approvals. The State is hopeful that the tendering process would be finish by the end of 2022, which would be the earliest possible time to begin the redevelopment of one of Asia’s largest slum clusters. It is anticipate that the project will take around seven years to complete. On October 11, 2022, the State will host a pre-bid meeting. On October 29, 2022, bids must be submit.
What is the procedure for bidding?
According to project officials and the bid document, the successful bidder will establish a Special Purpose Vehicle (SPV) to identify slum people qualified for Slum Rehabilitation Authority incentives and aid for rehabilitation (SRA).
The authority will run the e-tendering procedure in a single stage. The organisation or person with the highest bid over the projected cost of Rs 16,000 crore will receive the project. The State will own 20% of the equity capital, or Rs 100 crore. While the winner would own 80% of the capital, or Rs 400 crore.
The prize winner will also be liable for providing any additional funding necessary in the form of compulsorily convertible securities, such as compulsorily convertible debentures &/or compulsorily preference shares.
What concessions is the State giving the winning bidder?
According to the existing Development Control Regulations (DCR). The State has announced a Floor Space Index (FSI) of four as well as an additional fungible FSI for restoration and reconstruction. Additionally, the winner will receive discounts on a variety of fees. Including the GST, inspection fees, and premiums paid by developers.
Mumbai’s real estate is affected.
Dharavi is located in Central Mumbai, close to the affluent neighbourhoods of Pali Hill, Bandra, & Juhu Vile Parle Development (JVPD) Scheme, as well as the commercial hub of Bandra-Kurla Complex (BKC). The makeover could increase local home values and free up more area for new housing developments.
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