Dharavi Redevelopment Project: 5 Key Facts and Its Impact on Mumbai's Real Estate Market
Get to know about the Dharavi redevelopment project, its timeline, current status, and its impact on Mumbai's real estate market.
Dharavi Redevelopment ProjectMumbai Real EstateAdani GroupMaharashtra GovernmentSlum RehabilitationReal Estate MaharashtraJul 03, 2024
1. Dharavi is a slum cluster spread across 600 acres, housing several small-scale, unorganized industries manufacturing medicines, leather, footwear, and clothes. It is located close to the Bandra Kurla Complex (BKC), India's costliest commercial office complex.
2. The Adani Group will be redeveloping the cluster and rehabilitating the dwellers in Dharavi. The project completion timeline is 17 years, with the rehabilitation portion expected to be completed within seven years after the approvals are in place.
3. The current status of the project is that the Adani Group is carrying out a survey of the slum cluster to determine which slum dwellers are eligible to receive 350 sq ft homes. Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between the government of Maharashtra and the Adani Group, is also preparing a master plan for the project.
4. The redevelopment and rehabilitation of Dharavi will not only provide slum dwellers with new homes but also rehabilitate industrial and commercial units within Dharavi. Eligible industrial and commercial units will enjoy benefits such as a refund of the state Goods and Services Tax (SGST).
5. The project is expected to have a significant impact on Mumbai's real estate market, especially in Central Mumbai, where launches and sales are currently subdued due to the non-availability of land for executing new projects. According to experts, the Dharavi redevelopment project will be one of the biggest factors to impact Mumbai's real estate market in the coming years.
Information
The Adani Group is a multinational conglomerate founded by Gautam Adani. It is one of India's largest business groups, with interests in port operations, coal mining, and renewable energy, among others.
Dharavi Redevelopment Project Pvt Ltd (DRPPL) is a joint venture between the government of Maharashtra and the Adani Group, established to redevelop and rehabilitate the Dharavi slum cluster.
Frequently Asked Questions
What is the estimated population of Dharavi?
The estimated population of Dharavi is close to one million people.
What is the initial investment of the Adani Group in the Dharavi redevelopment project?
The initial investment of the Adani Group in the Dharavi redevelopment project is ₹5069 crore.
What is the project completion timeline of the Dharavi redevelopment project?
The project completion timeline is 17 years, with the rehabilitation portion expected to be completed within seven years after the approvals are in place.
What benefits will eligible industrial and commercial units enjoy as part of the Dharavi redevelopment project?
Eligible industrial and commercial units will enjoy benefits such as a refund of the state Goods and Services Tax (SGST).
How will the Dharavi redevelopment project impact Mumbai's real estate market?
According to experts, the Dharavi redevelopment project will be one of the biggest factors to impact Mumbai's real estate market, especially in Central Mumbai, where launches and sales are currently subdued due to the non-availability of land for executing new projects.
Tags:
Related News Articles
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr