Revamping Mumbai's Heart: Understanding the Dharavi Redevelopment Project's Impact on Real Estate
Dharavi's redevelopment is set to transform Mumbai's real estate landscape, with far-reaching consequences for Central Mumbai's property market.
Mumbai Real EstateDharavi Redevelopment ProjectAdani GroupCentral MumbaiSlum RehabilitationReal EstateJul 03, 2024
Located in the heart of Mumbai, Dharavi is a vibrant, albeit stressed, area that has been crying out for redevelopment. Spread across 600 acres, it is home to numerous small-scale, unorganized industries manufacturing medicines, leather, footwear, and clothes. The proximity to the Bandra Kurla Complex (BKC), India's costliest commercial office complex, only adds to the area's significance.
With the Adani Group winning the bid to redevelop Dharavi with an initial investment of ₹5069 crore, the project is expected to have a profound impact on Mumbai's real estate market. Here are five key aspects of the project that will shape its future
1. Project Overview The Dharavi redevelopment project aims to create a slum-free Mumbai by rehabilitating the existing slum dwellers and providing them with 350 sq ft homes.
2. Redevelopment and Rehabilitation The Maharashtra government has made several attempts to redevelop Dharavi over the past 17 years, but it was only in November 2022 that the Adani Group won the bid. The project completion timeline is 17 years, with the rehabilitation portion to be completed within seven years after approvals.
3. Project Timelines The Adani Group is currently conducting a survey of the slum cluster to determine the eligibility of slum dwellers for their new homes. A master plan for the project is also being prepared, with a partnership with architect Hafeez Contractor announced in January 2024.
4. Impact on Small-Scale Industries and Commercial Establishments The redevelopment project will not only provide homes to slum dwellers but also rehabilitate industrial and commercial units within Dharavi. Eligible units will enjoy benefits such as a refund of the state Goods and Services Tax (SGST) for five years.
5. The Future of Dharavi The Dharavi redevelopment project is expected to bring about a sea change in the area, transforming it into a modern, self-sustaining community. With its proximity to BKC and the CBD, Dharavi is set to become a hub of activity, driving growth and development in Central Mumbai.
As the project takes shape, it is clear that the Dharavi redevelopment project will have far-reaching consequences for Mumbai's real estate market, particularly in Central Mumbai. With its focus on creating a slum-free, modern community, this project is set to revolutionize the way we think about urban development in India.
Frequently Asked Questions
What is the estimated population of Dharavi?
Around one million people
Who won the bid to redevelop Dharavi?
The Adani Group
What is the project completion timeline?
17 years
What is the focus of the Dharavi redevelopment project?
Creating a slum-free, modern community with 350 sq ft homes for slum dwellers
What benefits will eligible industrial and commercial units receive?
A refund of the state Goods and Services Tax (SGST) for five years
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