A consortium comprising TATA Projects, Capacit'e Infraprojects and CITIC Group has been awarded the project for redevelopment of the existing Bombay Development Department (BDD) Residential and Commercial Societies (chawls), one of the oldest British-era developments in Mumbai. Rs 117.44 billion for the project has been awarded by the Maharashtra government and Maharashtra Housing & Area Development Authority (MHADA), the implementing agency.
The project, located in Worli, comprises about 98 rehabilitation and sale buildings of 22 to 66 floors and involves construction across 26 million sq ft. It also requires the construction of around 720 units in a transit camp.
Around 10,000 jobs are expected to be generated through this project, , with construction to be carried out in five phases over a period of eight years. Over 10,000 families associated with this redevelopment are expected to benefit.
'This is one of the largest single-value infrastructure projects in the country,' said Vinayak Deshpande, Managing Director, TATA Projects. 'Execution of this skyline-changing, socially beneficial project will help Mumbai become a world-class city.
This win is also a testimony to TATA Projects' focus on developing high-quality social infrastructure while maintain high standards of safety.'
This massive commercial and residential development is among the biggest redevelopment projects in India and will serve as a model for other chawl development projects.
The project also aims to increase economic output through the provision of commercial centres within the precinct.