Real Estate Mumbai
Revolutionizing Slum Redevelopment: Dharavi's Success Story to Inspire Other States
By GeoSquare News Desk · Published 2024-07-08
In a bold move towards sustainable urban development, the Dharavi redevelopment project is poised to become a model for other states to follow. Dr. Niranjan Hiranandani, a renowned real estate developer and founder of Hiranandani Group, believes that the project's innovative approach will inspire other states to adopt a similar strategy for slum redevelopment.
The Adani Group, in partnership with the Maharashtra government, has secured the Dharavi slum redevelopment project through open international bidding. The project, undertaken by Dharavi Redevelopment Project Private Ltd (DRPPL), will construct housing and commercial units, which will be handed over to the Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) for allocation based on survey results.
What sets the Dharavi redevelopment project apart is its commitment to providing residents with larger living spaces. Flats measuring 350 square feet will be allocated, a significant improvement from the typical 300 square feet offered in other SRA schemes in Mumbai. Additionally, the project includes 10 years of free maintenance and allows for 10% commercial space within residential premises, ensuring sustainable revenue for housing societies.
Eligible businesses will receive free business premises, and a five-year state GST rebate is offered to enhance profitability, integrate them into the formal economy, increase competitiveness, and create growth opportunities. The project's vision is to transform Asia's largest slum into a world-class city, creating a sustainable and thriving neighborhood.
The Dharavi Redevelopment Project seeks to improve the quality of life for over one million residents of Dharavi, with several additional initiatives towards sustainable multi-modal transport systems and state-of-the-art infra utilities. As Dr. Hiranandani notes, the project's success will pave the way for other states to adopt a similar approach, revolutionizing slum redevelopment across the country.
Information
Hiranandani Group is a leading real estate developer in India, known for its commitment to sustainable and innovative development projects.
The Adani Group is a multinational conglomerate with interests in energy, resources, transportation, and real estate.
The Maharashtra government is the state government of Maharashtra, responsible for implementing development projects and policies in the state.