Latest news with #DRP
Hindustan Times
4 days ago
- Business
- Hindustan Times
State waives stamp duty of ₹264 crore on three projects, including Dharavi Rehab
MUMBAI: The state cabinet on Tuesday gave its assent to three stamp duty waiver proposals collectively worth ₹264.25 crore. One of these is the Gautam Adani-led Dharavi Redevelopment Project (DRP) while the other two are the Maharashtra National Law University (MNLU) in Goregaon and the Raigad Pen Growth Centre in Pen. The approvals were given despite the opposition of the finance department to two of the three proposals. The MNLU waiver will cost the exchequer ₹186.02 crore while the waiver to the Raigad Pen Growth Centre will set it back by ₹33.25 crore. The DRP plot—a 47.5-acre piece of land at Matunga belonging to the Railways—which is to be leased for 99 years, is valued at ₹1,000 crore, and would have got the government ₹45 crore in stamp duty. HT had reported about this stamp duty waiver on June 10. 'The stamp duty on the other land parcels given on leasehold and ownership to the Adani Realty-led DRP, has already been waived by an order issued in September 2019,' said a Mantralaya official. 'Tuesday's decision was for a waiver on the Railways land given on leasehold. The DRP has been announced as a vital project by the state government and thus is eligible for such benefits. The finance department has, however, opposed the waiver.' The MNLU plot is 1,41,640 square metres valued at ₹3,100 crore. The university has been earmarked as an important special purpose project in DCPR 2034 and is expected to impart law education to students from all strata of society. The finance department has assented to only this proposal out of the three. 'The Chief Justice of India is going to lay the foundation stone of the university. Since he is unlikely to assent to the function unless the legal formalities related to the transfer of the land are complete, the state government has decided to expedite the process,' said an official from the law and judiciary department. The Raigad Pen Growth Centre (RPGC) is a joint project involving MMRDA and RPGC. The project involves 1,217.71 acres of land registered under a special purpose vehicle. 'The stamp duty was ₹66.55 crore, of which the state government has waived 50% or ₹33.25 crore,' said a senior revenue official. This waiver proposal too was opposed by the finance department. The RPGC-MMRDA project aims to develop a planned township, including fintech firms, educational and healthcare facilities, entertainment parks, affordable housing, retail and construction, generating significant local employment. Being the first major public-private partnership project of its kind, it is expected to attract foreign investment and generate tax revenue. Speaking about the MNLU campus, a senior official from the state revenue department said that the state government allocated a 35-acre plot for it at Goregaon's Pahadi village in June 2023. 'To get possession of the property, the MNLU administration was supposed to pay ₹186.02 crore, which has been waived by the state government,' he said. The MNLU plot has been at the centre of a controversy for the change effected in its reservation status. It was previously reserved as a 'natural area' and then changed to 'residential area' in the Development Plan, paving the way for setting up the MNLU campus.
Time of India
4 days ago
- Business
- Time of India
Stamp duty waiver of 45cr for Dharavi project to lease rly land
Mumbai: The state cabinet on Tuesday approved stamp duty waiver of Rs 45 crore on sub-lease agreements between Dharavi Redevelopment Project (DRP) and Railway Land Development Authority (RLDA), as well as of Rs 186 crore on the conveyance agreement signed with the judiciary to set up a permanent campus of Maharashtra National Law University at Goregaon. RLDA has agreed to lease 47.5 acres of its land at Mahim to DRP for more than 30 years. So far, DRP has obtained possession of 28 acres. The land is to be used for railway staff quarters and offices, as well as for housing slumdwellers and residents of authorised buildings in Dharavi. Over 10,000 housing rehab units are proposed to be built on the plot. In a press release, govt said there was a proposal to include such sub-leases in the stamp duty concession policy so that the project's implementation could get a boost. Maharashtra National Law University currently operates out of a rented building at Powai. Govt has provided 35 acres to it in Goregaon for a permanent campus. The stamp duty is 5% of the ready reckoner rate of the plot, which is valued at Rs 3,100 crore, said officials. "The construction of the university's infrastructure in this new space will save on rental costs. Also, the students here will have access to educational facilities in one place," stated the release. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Coventry: If You Were Born Between 1945-1974 You Could Be Eligible For This British Seniors Read More Undo The cabinet also approved a 50% reduction in stamp duty, amounting to Rs 33 crore, on a special purpose vehicle agreement on 493 hectares required for a joint venture project of MMRDA and Raigad Pen Growth Centre Ltd. This would benefit housing projects on the land, said officials. Through the growth centre, govt aims at development of fintech companies, educational and healthcare facilities, amusement parks, affordable housing, commercial hubs, retail and construction sectors, thereby providing a large number of employment opportunities at the local level. "Apart from promoting foreign investment, there is a possibility of a large amount of stamp duty and tax revenue being collected in the state treasury from future commercial transactions. Against this backdrop, a proposal to waive 50% stamp duty was approved," said an official. In the last financial year, govt earned Rs 58,000 crore as revenue from stamp duty, and in the current fiscal, it is estimated to cross Rs 60,000 crore.
Indian Express
4 days ago
- Business
- Indian Express
Maharashtra Cabinet approves stamp duty concessions for Dharavi Redevelopment project
The Maharashtra Cabinet on Monday approved stamp duty concessions for lease and sublease agreements signed by the Dharavi Redevelopment project's Special Purpose Vehicle (SPV) for the Dharavi Redevelopment Project (DRP) and related agencies. The DRP is being executed by Navbharat Mega Developers Pvt Ltd (NMDPL) — a joint venture between Adani Properties Pvt Ltd (80%) and the state-run Slum Rehabilitation Authority (SRA) (20%). NMDPL is the lead implementation agency for the integrated redevelopment of Dharavi, one of Asia's largest informal settlements. The government had previously declared the Dharavi redevelopment as both an Essential Urban Infrastructure Project and a Special Project. As per existing state policy, such projects are eligible for waiver or reduction in stamp duty to ensure smoother and more cost-effective execution, the state government said in a statement. In line with this policy, a proposal was placed before the Cabinet to grant stamp duty concessions on sub-lease agreements between the Rail Land Development Authority (RLDA) — which owns a key portion of land in Dharavi — and either the Dharavi SPV (NMDPL) or the SRA. It was also proposed that these categories of lease documents be formally included under the state's stamp duty concession policy. The Cabinet has now approved this inclusion. The RLDA is contributing approximately 45 acres of land to the redevelopment. As per the tender conditions, the SPV is required to pay at least ₹2,800 crore to the RLDA for this land. A senior government official said the stamp duty relief will lower transaction costs, streamline legal processes, and accelerate the start of construction work. 'This is a crucial step that removes a major hurdle and brings the project closer to execution,' the official said. In another decision pertaining to stamp duty waiver, the Cabinet also approved a 50% concession in stamp duty for the proposed joint venture between MMRDA and Raigad Pen Growth Centre Ltd. The concession applies to the land required for the integrated township project in Pen taluka, Raigad district. The project, spread across 1,217.71 acres, will be developed under the Integrated Township Policy and managed by a Special Purpose Vehicle (SPV). Designed as a global-standard, public-private partnership model, the township is expected to include fintech hubs, educational and healthcare institutions, affordable housing, commercial spaces, and entertainment zones. Officials expect the initiative to create significant employment opportunities and attract substantial foreign investment. In a separate decision, the Cabinet also approved a complete waiver of stamp duty on land being transferred to Maharashtra National Law University (MNLU), Mumbai. The university has been allotted 141,640.40 square meters in Pahadi, Goregaon (West), for the development of its permanent campus
&w=3840&q=100)
Business Standard
12-06-2025
- Business
- Business Standard
Mhada invites tenders for cluster redevelopment of Kamathipura, Mumbai
The Mumbai Building Repairs and Reconstruction Board (MBRRB), a unit of the Maharashtra Housing and Area Development Authority (Mhada), has issued a tender for the cluster redevelopment of Kamathipura in South Mumbai. The redevelopment of dilapidated cessed and non-cessed buildings and plots in lanes numbered 1 to 15 of Kamathipura will be carried out in an integrated manner under Regulation 33(9) of the Development Control and Promotion Regulations (DCPR) 2034 through the MBRRB. The Kamathipura area, spread across 34 acres in South Mumbai, includes approximately 943 cessed buildings in lanes 1 to 15, with around 6,625 residential and 1,376 non-residential tenants/residents, totalling 8,001. There are about 800 landowners in the area. The buildings in this region are approximately 100 years old. The total net plot area of this region is approximately 73,144.84 square metres (sq m). Government approval for the Kamathipura cluster redevelopment project was granted via a government resolution on 12 January 2023. Based on this, tenders were invited for planning the project, and Mahimtura Consultants were appointed for the same. The project blueprint has been developed under the title Kamathipura Cluster Redevelopment Project – Urban Village. The project will also include commercial buildings and recreational grounds. Additionally, through this project, 44,000 sq m of land will be made available to Mhada through the selected bidder, resulting in a significant increase in housing stock. The developer will receive 5,67,000 sq m of development rights, where a housing stock of approximately 4,500 new units is expected to be constructed. According to Square Yards Data Intelligence, considering the sales transactions in Kamathipura in Q1 CY25, the property rate stood at ₹13,980 per sq ft, against ₹13,508 per sq ft in Q1 CY24. A decision to compensate landowners in the Kamathipura area was taken as per the government resolution dated 2 July 2024. One housing unit of 500 sq ft area will be provided for land plots measuring up to 50 sq m, two such units for plots measuring between 51 and 100 sq m, three units for plots between 101 and 150 sq m, four units for plots between 151 and 200 sq m, and for every additional 50 sq m beyond 200 sq m, one additional unit of 500 sq ft will be provided to the landowners. The Kamathipura cluster redevelopment would be the third significant project in Mumbai after the Dharavi Redevelopment Project (DRP)—a slum redevelopment project in association with the Slum Rehabilitation Authority (SRA)—and the Motilal Nagar Redevelopment Project in Goregaon West, where the developer was appointed by Mhada through a bidding process. Both Dharavi and Motilal Nagar are being executed through the realty arm of the Adani Group. The cost of DRP has been estimated to be around ₹95,790 crore, while the Adani Group won the bid for Motilal Nagar for ₹36,000 crore.
Time of India
11-06-2025
- Business
- Time of India
About 10,000 flats in Mahim to be ready in three years: Dharavi project CEO
MUMBAI : Construction of 10,000 rehab flats in up to 30-storey buildings is being undertaken under phase 1 of Dharavi redevelopment project (DRP) on railway land in Mahim and will be ready in the next three years, said project CEO SVR Srinivas . The 47.5-acre railway land is part of Dharavi notified area. DRP has physical possession of 28 acres, on which construction for railway quarters is also underway. "Residents closest to the railway land (those in sector 1) will be first shifted to the new 350sqft flats," said Srinivas. The redevelopment, though, will not be carried out sector-wise. Dharavi notified area has been split into five sectors. On completion, phase 1 will free up 60-70 acres in Dharavi notified area, which will pave the way for further redevelopment, said Srinivas. "Our attempt is to minimise transit and after phase 1, work will be sped up," he said. Simultaneous construction of rental housing will be undertaken at Kurla dairy land and salt pan land at Mulund for those ineligible for free housing in Dharavi notified area. While DRP has obtained physical possession of 21.5 acres of Kurla dairy land and 58.1 acres of Jamasp salt pan land at Mulund, the 140 acres earmarked at Aksa in Malad West is a large parcel that could accommodate many ineligible Dharavi residents in rental housing, said Srinivas. This land is yet to be handed over to DRP. On the Deonar dumping ground, whose 124 acres are to be used for the project, Srinivas said it would take at least three to four years to get partial possession of the land after scientific closure of the dump and procurement of all environmental clearances. Defending the incentives offered by govt for the redevelopment scheme, Srinivas said the project isn't just about construction of rehab buildings but also providing housing to all and not letting residents go to another slum. "In no other slum scheme is everyone provided with a home. Besides, the entire civic infrastructure will be laid by the special purpose vehicle (NMDPL) and paid for by it. Dharavi today has no sewers and everything is discharged directly into Mithi river that discharges into the sea, which brings it all back. Dharavi needs a sewer network, a water supply network." He said Dharavi's redevelopment will serve as a model on how to deal with slums, and make Mumbai a slum-free city. "In 1985, the late PM Rajiv Gandhi gave Rs 100 crore to redevelop Dharavi and then in 2004, there were efforts to redevelop the slum. In 2015-16, the tender notice was extended five times but there was no response. In the initial years redevelopment is highly capital intensive. In the special purpose vehicle, govt has 20% equity and has so far invested only Rs 100 crore. We could have had 26% equity and veto power but govt cannot be in the driver's seat and hence this via media," he said.
