Maharashtra Govt Hands Over 118-Acre Malad Land To Dharavi Redevelopment Project For Rehab Housing

Mumbai: The Maharashtra government handed over possession of a 118-acre land parcel at Mukteshwar in Malad-Malvani to the Dharavi Redevelopment Project (DRP) on Wednesday, paving the way for the special purpose vehicle (SPV) -- Navbharat Mega Developers Private Limited (NMDPL) -- to begin planning and construction of rehabilitation buildings.

Navbharat Mega Developers Private Limited is an SPV between the Maharashtra government and the Adani Group for the Dharavi Redevelopment Project.

The site will be used to house Dharavi residents who are not eligible for in-situ rehabilitation within Dharavi.

Officials said the Malad land parcel is the third major landholding to come into the possession of the DRP after Mother Dairy Land at Kurla and Jamas saltpan land at Mulund.

The site will primarily accommodate upper-floor residents and those who settled in Dharavi after January 1, 2011, and before November 15, 2022.

As per project terms and conditions, these residents will be resettled in modern, planned townships within the Mumbai Metropolitan Region (MMR).

The official said that, as with other parcels allotted for the project, ownership of the Malad land will also remain with the DRP/SRA, while the SPV will have the development rights.

The total value of the 118-acre land is estimated at around Rs 540 crore, of which Rs 135 crore has already been paid by NMDPL as premium towards development rights.

“Of the 140 acres earmarked at Mukteshwar, 118 acres have now been handed over, while 22 acres remain under litigation,” he added.

Overall, the state has identified and allotted about 540 acres of land parcels within MMR for the purpose of dignified affordable housing as part of the Dharavi redevelopment project.

These include land at Kurla, salt pan lands at Kanjur, Bhandup and Mulund, and portions at the Deonar dumping ground, to facilitate large-scale rehabilitation.

The handover is expected to accelerate the construction of rehabilitation housing and provide momentum to the phased redevelopment so that Dharavikars can move into their new homes as per eligibility within the seven-year period.

It is estimated that about 1.25-1.5 lakh new homes will be constructed to rehabilitate about 10 lakh residents.

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/