The Maharashtra state government on Tuesday approved the setting up of Special Purpose Vehicle (SPV) for the implementation of Dharavi Redevelopment Project, which aims to transform the 535-acre slum into a lush township.
The cabinet headed by Chief Minister Devendra Fadnavis, which scrapped the earlier contract of dividing the slums into sectors and developing them separately.
The Dharavi Redevelopment Project is estimated at Rs.22, 000 crore. Furthermore, 80% of the stake will be offered to the international consortium and the state government will have a 20% stake.
Meanwhile, the residents of the slum are unhappy with the decision of revamping the slum. The people of the Matunga Labour Camp including chawls and buildings, want to be exempted from this project as the current allotment of land does not fulfill their demand.
In addition, as the realty sector is facing a dip, real estate experts are abstaining from undertaking the contract.
Dharavi, situated in the suburbs of Mumbai, is the largest slum in Asia. It’s been more than a decade that a plan was developed to revamp the slum but little was done for its transformation.