The Hindu Business Line : Sobha-Puravankara consortium bids for Dharavi project

Bangalore, Sept. 5 The Bangalore-based Sobha Developers and Puravankara Projects have, as a consortium, bid for the Rs 9,250-crore Dharavi Redevelopment Project in Mumbai.

Confirming this Mr J.C. Sharma, Managing Director, Sobha Developers, said that the consortium (a special purpose vehicle) “will qualify on financial and net worth parameters for all the five sectors. It’s an opportunity we would like to explore.”

EoIs

Mr Mukesh Mehta, architect and adviser to the Government of Maharashtra, said the Government has received expressions of interest from 26 consortia — with three partners each. Of the 78 companies that have shown interest, 25 are international ones; only one consortium is completely Indian, he added. The project is expected to take 5-7 years for completion.

According to the Government’s plan, Dharavi will be divided into five sectors, which will be developed by private developers. The Government will award only one sector per developer.

Each sector will have infrastructure for health, income generation, and knowledge, environment and socio-cultural development, Mr Mehta said.

The project will earn the Government a premium of over Rs 3,000 crore-4,000 crore, besides infrastructure such as roads, water supply, hospitals, schools, etc. that will be developed by the private developers.

The Government is likely to share 70 per cent of the premium for the redevelopment, Mr Mehta said. This will be the first eco-housing criteria suburb of India, he said. He added that they were closely working with the USAID for the project.

Currently, the slum is spread across 535 acres. Of this, 20 per cent of land is private, out of which six per cent is encroached space. “We will take over the encroached land only,” Mr Mehta said.

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