Private developers unite to redevelop Mumbai Who would have thought that Asia's largest slum - Dharavi, become a precious commodity in Mumbai? Today, every inch of land in Dharavi is sought. The civic agencies have called for private property and infrastructure developers to modernize the resort.
Real estate developers seeking to capture this redevelopment project because the development plan for Dharavi will free 535 acres of urban land in Mumbai. The Maharashtra government has launched a plan of Rs 9260 crore to redevelop Dharavi. Big developers like DLF, Emaar MGF and Akruti Nirman have expressed interest in rebuilding Dharavi. The government claims that many manufacturers of Maharashtra global property have also bid for this project, but details were not disclosed. The Government has received expressions of interest from 26 consortia - with three partners each. Among the 78 companies that have expressed interest, 25 are international, one consortium is completely Indian.
Meanwhile, the fight for a piece of Dharavi has begun. The property prices in Dharavi have almost doubled, fetching around Rs 6000-10000 per m² The slum occupies approximately 535 hectares of land reserve in the heart of Mumbai in the short space between the chic town Bandra Kurla Complex, on the one hand, and residential district of Zion on the other.
Inspired by this sudden increase in property values, developers are now willing to consider the redevelopment of other slums in Mumbai.
The developers have begun to examine the pockets of north of the city. These regions have much land available, and are well connected with roads. In addition, in a city where housing rents are among the highest in the world, re-development is an affordable option for housing developers and home seekers. Therefore, it is a win-win for everyone.
For more information on Mumbai Properties , log on magicbricks.com
Posted on August 6, 2010.
