News | Oct 12, 2022
A special purpose vehicle will be formed by the lead bidder along with the Slum Rehabilitation Authority and the Dharavi Redevelopment Authority to execute the project.
MUMBAI: A total of eight developers attended the pre-bid meeting for the Dharavi Redevelopment Project held on Tuesday.
An integrated development (residential, commercial and industrial) has been proposed on 240 hectares at an estimated cost of Rs 23,000 crore with a floor space index of over 4.
Dharavi Redevelopment Authority chief and Mumbai Metropolitan Region Development commissioner S V R Srinivas said the response for the lead bidder as also for the consultant was good. For the project management consultant (PMC), around 11 companies attended the pre-bid meeting.
A special purpose vehicle will be formed by the lead bidder along with the Slum Rehabilitation Authority and the Dharavi Redevelopment Authority to execute the project. Phase I of the project is to be completed within 7 years of issuance of commencement certificate.
The developers included a company from South Korea, UAE and the others were Indian firms, said Srinivas, adding that foreign and domestic consultant companies attended the meeting for the PMC. This is the fourth time in 18 years that the state government is making an attempt to redevelop the slum.