The Hindu Business Line : Housing Development bags Mumbai airport slum rehab project

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Housing Development bags Mumbai airport slum rehab project

Over 2.5 million sq ft of built up area needed to resettle about 80,000 slum households

Points to ponder
The developer would not get any financial compensation from MIAL.
10% or 200 acres has been allotted to MIAL for commercial development.
Process will be undertaken in a phased manner between 18 and 48 months.

Our Bureau

Mumbai, Oct 16

The Mumbai-based real estate developer Housing Development and Infrastructure Ltd (HDIL) has been awarded the contract for resettlement and rehabilitation of Mumbai airport slums spread over an area of 276 acres.

HDIL was chosen from among five players in a competitive bidding called by Mumbai International Airport Pvt Ltd (MIAL), which runs the Chhatrapati Shivaji International Airport. The eligibility criteria for selection was laid down in consultation with the Mumbai Metropolitan Region Development Authority (MMRDA), the project implementing agency.

Built-up area

Under the contract, HDIL would need to resettle about 80,000 slum households. However, the official figures would be ascertained on completion of a survey being carried out by MMRDA, said spokeperson of MIAL.

Sources said the survey figures would be available in a few weeks time and that over 2.5 million sq ft of built up area would be needed to accommodate the slum dwellers.

According to MIAL spokesperson, the rehabilitation requirement is about 200 acres, of which HDIL would offer a portion and the rest will come from the government and other agencies. The developer is said to have identified a stretch close to Sahar.

MIAL is a joint venture between the GVK-SA consortium and the Airports Authority of India.

Mr G.V. Krishna Reddy, Chairman, MIAL, said, “We are committed to undertaking a model slum rehabilitation exercise in line with the policy laid down by the Maharashtra Government, and are confident that this would translate into a time-bound delivery of airport development.” As part of the agreement, the developer would not get any financial compensation from MIAL.

Instead, of the total 2,000 acres of Mumbai airport land, 10 per cent (200 acres) has been allotted to MIAL for commercial development, and HDIL would get part of it as transferrable development right, said MIAL’s spokesperson refusing to divulge the details.

The slum rehabilitation process will be undertaken in a phased manner between 18 and 48 months.

On Tuesday, the HDIL stock closed at Rs. 756.65, down 1.1 per cent over previous close.