In addition to building saleable commercial and residential units in the slum pocket, the Adani Group-led Navbharat Mega Developers Private Limited (NMDPL), which is redeveloping Dharavi, will additionally develop various areas throughout Mumbai that will rehabilitate ineligible Dharavikars. The chief executive officer (CEO) of NMDPL, SVR Srinivas, acknowledged this, stating that development plans for plots other than Dharavi would be released when the time was right.
According to people who are familiar with the project, the company has been granted special concessions on developing multiple plots within Mumbai and ensuring real estate players purchase a minimum of 40% of the development rights from NMDPL as part of a special package to ensure the project is "financially feasible" and serve as a model for urban renewal on a grand scale.
The state government is permitted to make a number of concessions because Dharavi's renovation has been designated as a "Vital Public Purpose Project." Dharavi is a 640-acre neighbourhood in the heart of Mumbai that contains about 1,71,000 residential and commercial buildings. Eighty percent of them have been polled so far. According to Srinivas, over half of these will probably be eligible for free rehabilitation within the slum cluster, while the remaining individuals will receive rehabilitation in various Mumbai locales.
The state-owned organisation in charge of Dharavi's transformation, the Dharavi Redevelopment Project, plans to build 10 crore square feet (sqft) of rehabilitation real estate and an additional 14 crore sqft of free market real estate. One of the two people with knowledge of the initiative stated that the free-market element would be essential to its viability.
People familiar with the matter said To recoup the expenses of rehabilitating ineligible families and businesses within Dharavi, the corporation will need to establish a free sale housing stock. The project will not be possible for NMDPL if housing stock is created only for hire-purchase (for ineligible individuals).
Only 240 of Dharavi's 640 acres might be developed, said Srinivas, CEO of DRP. The remaining 400 acres were made up of parks, creeks, and mangrove patches. They were located in the coastal regulatory zone, which prohibits development except for the construction of highways, flyovers, and other infrastructure. In addition to the 240 acres in Dharavi, NMDPL is currently purchasing 1,220.3 acres at six other areas in Mumbai through DRP in order to house ineligible residents.
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