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Maharashtra govt approves new plan to develop slum structures of Dharavi


After years of delay, one of Asia’s largest slum clusters – Dharavi – is finally set to see a transformation. Ahead of the 2019 Lok Sabha polls, the Maharashtra government-led by Chief Minister Devendra Fadnavis on Tuesday sanctioned a new plan to develop the slum structures of Dharavi.

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The latest plan approved by Maharashtra government involves resettlement of 60,000 slum structures into planned habitats. The big-ticket project will cost Rs 26,000 crore.

The government, through the Dharavi Redevelopment Project Authority (DRPA), will bring in an equity of Rs 100 crore, whereas the Special Purpose Vehicle’s (SPV) lead partner would have to bring in a minimum share premium of Rs 2,850 crore. Of which, Rs 400 crore will have to be invested within a month of appointment.

The gestation period for the initial investment is estimated to be seven years, while the entire project will take 25 years to complete. To attract foreign MNCs, the state government has also allowed the option of reinvestment of accumulated dividend shares into equity on the condition that the state’s stake won’t be diluted.

Besides capital investment, the state government also waived the stamp duty payable on the transfer of development rights and has announced a rebate on the state’s GST component for the construction work. It also announced concessions in premiums payable on land, FSI, and open space deficiencies.

Housing Minister Prakash Mehta, “Revisiting the financial model and extending concessions was necessary owing to project’s overall size and various development constraints. The slum’s situated in the airport funnel zone and has a dense mix of hutment, tenanted units, and informal industry settlements. We felt that the SPV route will boost investor’s confidence.”

“There has been adequate planning at the micro-level this time around. All the limitations and the constraints have been overcome,” Mehta added.

Also Read: Vijay Goel compares Chandni Chowk to Mumbai’s slum Dharavi

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