The Godrej Properties-L&T joint venture (JV) will reportedly bid for the redevelopment of all the five sectors of Dharavi, which the government has identified. The JV has already submitted the expression of interest (EoI) to bid for the project.
The project includes replacing 57,000 slum structures spread over 500 acres. The entire area has been divided into five sectors of about 1.5 crore squre feet (sq ft) each. The project is expected to generate close to Rs 25,000 crore for the Maharashtra government.
The interested companies will be allowed to bid for as many sectors as they like. Each bidder will get only one sector to develop. Selected companies will then rehabilitate slum-dwellers in about 60 lakh sq ft in each sector while the remaining area can be sold commercially.
Two other Mumbai-based developers, Housing Development and Infrastructure (HDIL) and Akruti Nirman, have reportedly formed JVs with Lehman Brothers and Limitless, an arm of Dubai World, to bid for Dharavi.