Dharavi revamp: pact inked for 47.5 acres of railway land
Real Estate

Dharavi revamp: pact inked for 47.5 acres of railway land

The Dharavi Redevelopment Authority (DRA) and the Indian Railways have signed a definitive agreement for handing over of 47.5 acres of railway land in Dadar for the Dharavi redevelopment project.

Maharashtra Deputy Chief Minister Devendra Fadnavis, who was in Delhi for the meeting, tweeted that the development would pave the way for fast-tracking the project.

DRA chief executive S V R Srinivas said the physical handing over of land to the authority should happen soon. The DRA has already invited bids and around eight developers attended the pre-bid meeting, including one from the United Arab Emirates and one from South Korea.

It is in the process of appointing a project management consultant for the about Rs 230 billion project covering over 500 acres, which involves the rehabilitation of 58,000 eligible households and an equal number of ineligible households. A special purpose vehicle will be formed by the SRA, DRA and the lead bidder to execute the project.

Srinivas said, “The DRA paid Rs 8 billion the railways for 45 acres in 2019 when the memorandum of understanding was signed. Another Rs 2 billion is to be paid on handing over physical possession. The railways will be given a share in the profits to the tune of Rs 28 billion.”

See also:
Kotak eyes $1 bn fund to invest in residential market in five cities
Lulu Group to invest Rs 30 bn for India’s biggest mall


The Dharavi Redevelopment Authority (DRA) and the Indian Railways have signed a definitive agreement for handing over of 47.5 acres of railway land in Dadar for the Dharavi redevelopment project. Maharashtra Deputy Chief Minister Devendra Fadnavis, who was in Delhi for the meeting, tweeted that the development would pave the way for fast-tracking the project. DRA chief executive S V R Srinivas said the physical handing over of land to the authority should happen soon. The DRA has already invited bids and around eight developers attended the pre-bid meeting, including one from the United Arab Emirates and one from South Korea. It is in the process of appointing a project management consultant for the about Rs 230 billion project covering over 500 acres, which involves the rehabilitation of 58,000 eligible households and an equal number of ineligible households. A special purpose vehicle will be formed by the SRA, DRA and the lead bidder to execute the project. Srinivas said, “The DRA paid Rs 8 billion the railways for 45 acres in 2019 when the memorandum of understanding was signed. Another Rs 2 billion is to be paid on handing over physical possession. The railways will be given a share in the profits to the tune of Rs 28 billion.” See also: Kotak eyes $1 bn fund to invest in residential market in five citiesLulu Group to invest Rs 30 bn for India’s biggest mall

Next Story
Technology

Redacto Raises Rs 120 million to Drive India’s Privacy-Tech Revolution

Redacto, an AI-driven privacy infrastructure company, has raised Rs 120 million in a seed round led by PeerCapital and Antler India, with participation from select angel investors. The funding will enhance Redacto’s AI capabilities, expand its product and engineering teams, and scale enterprise adoption across India.  The announcement comes as India prepares to operationalise the Digital Personal Data Protection (DPDP) Act, which will redefine how organisations manage personal data. Redacto’s platform enables enterprises to automate privacy compliance, govern sensitive data, and ..

Next Story
Infrastructure Transport

Drydocks World, CSL Join Hands to Boost Cochin Ship Repair Cluster

Drydocks World, a DP World company, and Cochin Shipyard (CSL) have signed an Agreement of Heads of Terms to evaluate and develop India’s first ship repair cluster at the International Ship Repair Facility (ISRF) in Cochin, Kerala. The MoU was exchanged in the presence of Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal and H.E. Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, between Captain Rado Antolovic, PhD, CEO, Drydocks World, and Madhu S Nair, Chairman and Managing Director, CSL, during India Maritime Week 2025 in Mumbai. Strategically locat..

Next Story
Technology

SILA, Xempla to Pilot India’s First AI-Led FM Delivery Model

SILA and Xempla have joined forces to pilot and validate India’s first AI-first Facilities Management (FM) delivery model. The initiative aims to demonstrate how artificial intelligence can enhance both hard and soft services across India’s built environment. The collaboration brings together SILA’s operational expertise and national reach with Xempla’s AI platform for autonomous maintenance, decision support, and predictive operations. The partners intend to validate the model’s scalability and value across India’s diverse FM landscape. Commenting on the partnership, Rag..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?