Dharavi revamp: pact inked for 47.5 acres of railway land

21 Oct 2022 CW Team

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.”

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..