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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
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.
Time of India
11-06-2025
- Business
- Time of India
10k flats in Mahim to be ready in 3 yrs: 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Зачем поджигать лавровый перед сном? Undo 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.
Time of India
08-06-2025
- Politics
- Time of India
Land given for Dharavi redevpt, Cong holds protest
Mumbai: On Sunday afternoon, Mumbai Congress organised a protest in Kurla against the state's recent decision to formally approve transfer of 21.25 acres of Kurla dairy land to the Dharavi redevelopment project. Navbharat Mega Developers Pvt Ltd (NMDPL), a special purpose vehicle (SPV) set up by the state govt in a joint venture with the developer, Adani Realty, will implement the redevelopment project. The protest was led by Congress MP Varsha Gaikwad, her sister and Dharavi MLA Jyoti Gaikwad, with several other party workers and citizens. Speaking at the event, Varsha Gaikwad said: "While we were peacefully protesting, the govt has once again sent a large police force to suppress our voices and crush the movement using brute power. What kind of justice is this? Modani & Co. are snatching away people's rights, grabbing land that belongs to Mumbaikars, committing injustice – and instead of stopping them, the govt is shielding these land-grabbers while silencing citizens. But we will not be intimidated by this tyranny. We will continue to fight this Adani govt for Mumbai's rights and the future of Mumbaikars." The MP said: "The land is worth hundreds of crores, but it was transferred to Adani at a nominal rate for his benefit. The BJP govt has become a facilitator of Adani's mega-loot."
Time of India
04-06-2025
- Business
- Time of India
Mumbai: Kurla dairy land will be used for ineligible Dharavi residents' rehabilitation
MUMBAI : Around 85,000 slum households ineligible for free housing will be rehabilitated in rental housing outside Dharavi . On Tuesday, the state cabinet formally approved the transfer of 21.25 acres of Kurla dairy land to the Dharavi Redevelopment Project . In a press release, the govt said 8.5 lakh people are to be rehabilitated under the project, of whom five lakh will be rehabilitated in Dharavi and 3.5 lakh outside the Dharavi Notified Area (DNA). In a presentation of the master plan to chief minister Devendra Fadnavis last week, it was mentioned that 4.85 lakh people will be rehabilitated in Dharavi Notified Area. This includes 2.92 lakh eligible slum dwellers, 1.06 lakh sale component population, 51,025 residing in properties excluded from redevelopment, 15,000 residing in private properties, 3,711 in railway quarters, and 16,425 is the anticipated population growth during the period of redevelopment. During the presentation before the CM, it was pointed out that the state revenue dept, which owns the Kurla dairy land, needs to grant permission to sub-lease the land to the housing societies. Without the sub-lease clause in place, the implementation of the project on the plot cannot be undertaken. Sources said the cabinet approved the sub-lease, which will place the land in the Occupancy Class II category. "After five years of the construction of the residential buildings, the housing societies will be given the option of converting the leasehold land to freehold," said sources. The Navbharat Mega Developers Pvt Ltd (NMDPL), the special purpose vehicle (SPV) set up by the state govt in a joint venture with the developer Adani Realty to implement the redevelopment project, has already paid Rs 58 crore for the Kurla dairy land, which is 25% of the Ready Reckoner Rate for the plot. The SPV is already in physical possession of the plot. "Today's decision will pave the way for the rehabilitation of ineligible citizens of Dharavi. This decision is very important in pursuing the Housing for All policy as it will facilitate the construction of not only houses but also other civic amenities like schools, hospitals, shopping complexes...," stated the press release. The redevelopment on the Kurla dairy land and other plots outside Dharavi will be carried out under Regulation 33(10) of DCPR 2034. The floor space index allowed is a sum of rehab plus sale component in equal proportion and can exceed 4 without any limit. Besides, permission for simultaneous construction of the sale component can be granted in equal proportion to the rehab component. Mumbai: Around 85,000 slum households ineligible for free housing will be rehabilitated in rental housing outside Dharavi. On Tuesday, the state cabinet formally approved the transfer of 21.25 acres of Kurla dairy land to the Dharavi Redevelopment Project. In a press release, the govt said 8.5 lakh people are to be rehabilitated under the project, of whom five lakh will be rehabilitated in Dharavi and 3.5 lakh outside the Dharavi Notified Area (DNA). In a presentation of the master plan to chief minister Devendra Fadnavis last week, it was mentioned that 4.85 lakh people will be rehabilitated in Dharavi Notified Area. This includes 2.92 lakh eligible slum dwellers, 1.06 lakh sale component population, 51,025 residing in properties excluded from redevelopment, 15,000 residing in private properties, 3,711 in railway quarters, and 16,425 is the anticipated population growth during the period of redevelopment. During the presentation before the CM, it was pointed out that the state revenue dept, which owns the Kurla dairy land, needs to grant permission to sub-lease the land to the housing societies. Without the sub-lease clause in place, the implementation of the project on the plot cannot be undertaken. Sources said the cabinet approved the sub-lease, which will place the land in the Occupancy Class II category. "After five years of the construction of the residential buildings, the housing societies will be given the option of converting the leasehold land to freehold," said sources. The Navbharat Mega Developers Pvt Ltd (NMDPL), the special purpose vehicle (SPV) set up by the state govt in a joint venture with the developer Adani Realty to implement the redevelopment project, has already paid Rs 58 crore for the Kurla dairy land, which is 25% of the Ready Reckoner Rate for the plot. The SPV is already in physical possession of the plot. "Today's decision will pave the way for the rehabilitation of ineligible citizens of Dharavi. This decision is very important in pursuing the Housing for All policy as it will facilitate the construction of not only houses but also other civic amenities like schools, hospitals, shopping complexes...," stated the press release. The redevelopment on the Kurla dairy land and other plots outside Dharavi will be carried out under Regulation 33(10) of DCPR 2034. The floor space index allowed is a sum of rehab plus sale component in equal proportion and can exceed 4 without any limit. Besides, permission for simultaneous construction of the sale component can be granted in equal proportion to the rehab component.
