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

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