Dharavi redevelopment project: Maharashtra govt, railways ink pact

After much-delay, the Dharavi Redevelopment Authority (DRA) and the Indian Railways signed a "definitive agreement" for the redevelopment of Asia's biggest slum colony in Mumbai, reported TOI.

With this agreement, the DRA handed 47.5 acres of railway land in Dadar for the Dharavi redevelopment project.

After a meeting with Union Railway Minister Ashwini Vaishnaw, Deputy Chief Minister Devendra Fadnavis tweeted that the development would pave the way for fast -tracking the mega project.




Meanwhile, DRA CEO S V R Srinivas said the physical handing over of land to the authority should happen soon. The DRA has already invited bids and around eight developers attended the pre-bid meeting, including one from the UAE and another from South Korea.

It is in the process of appointing a project management consultant for the about Rs 23,000-crore project spread over 500 acres. It involves the rehabilitation of 58,000 eligible households and an equal number of ineligible households. A special purpose vehicle will be formed by the SRA, DRA and the lead bidder to execute the project.

Srinivas added, "The DRA paid Rs 800cr to the railways for 45 acres in 2019 when the MoU was signed. Another Rs 200 crore is to be paid on handing over physical possession. Besides, the railways will be given a share in the profits to the tune of Rs 2,800 crore.