Global firms bid for Dharavi redevelopment

The plan to transform India’s largest slum into a plush township has got off to a fresh start with the Shinde-Fadnavis government calling a global tender for the redevelopment project on October 1. With a population close to a million, Dharavi, which is bang in the middle of the city, is equivalent to a municipal corporation of class one size. Besides, it has thousands of tanning factories and informal recycling industries.

Although the last date for the submission of bids is October 31, eight companies, including some from the Middle East, and South Korea, have participated in the Dharavi Redevelopment pre-bid meeting tendering process.

The project was first proposed by the BJP-Shiv Sena coalition government led by Devendra Fadnavis and two companies – Adani Group and Dubai’s Sec-Link Group – had shown interest in it. The redevelopment of the 259 hectares is pegged at Rs 20,000 crore.

The state government has come out with a Special Purpose Vehicle (SPV) model for the project. This, experts says, gives a lot of credibility and a lot of risk mitigation to the project and at the same time it gives freedom and flexibility in the execution. The majority stakeholder will be from the private sector for that the government will give them open competitive bidding based on a pricing mechanism in the market.

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