Mumbai's Real Estate Giants Compete for Slum Redevelopment Projects
Several top real estate firms have shown strong interest in redeveloping slums located on BMC-owned plots. A total of 86 developers have submitted bids for 47 redevelopment schemes, with bids opened on Thursday.
Among these, 22 projects from the city and western suburbs received the highest response. Developers offering the highest premium will be selected for the respective projects.
There are approximately 51,582 slum structures on 64 reserved municipal plots across the city and suburbs. On May 10, the BMC invited Expressions of Interest (EOI) from developers for redeveloping these slum rehabilitation projects on municipal land under Regulation 33(10) of the DCPR-2034.
However, due to some issues affecting 17 schemes, those projects were put on hold, and tenders were invited for the remaining 47 schemes. Projects in the city and western suburbs attracted greater interest, while eastern suburbs saw comparatively fewer responses.
“All applications will be scrutinised over the next 3 to 4 days, after which Packet C (the financial bid) will be opened. In the final stage, the developer offering the highest premium will be selected. If multiple bidders meet this criterion, the final selection will be made through a lottery draw,” said a civic official.
Leading real estate players such as Wadhwa Group, Rustomjee, Dosti Realty, JSW Realty, DHS Group, Jalaram Developers, Nilyog Developers, Asha Developers, and Chandak Realty have expressed interest during the pre-bid meeting.
Developers had raised key concerns, including the need for accurate slum household surveys to determine eligibility and greater flexibility in land reservations, which currently restrict the buildable area for redevelopment.
Some of the slum clusters targeted for redevelopment are located in Shimpoli in Borivali, Goregaon East, Malad East, Lower Parel, Dindoshi, Wadala, Govandi, and Ghatkopar.
Developers will be responsible for the entire process from conducting slum surveys and preparing redevelopment plans to securing permissions, constructing both rehabilitation and sale units, and managing post-occupancy maintenance.
