Dharavi Redevelopment Project

[IndiaRocks]

@dvk1982

Welcome to the forum.

Please remember to ALWAYS quote the source of any news article.

[dvk1982]

Originally Posted by IndiaRocks

@dvk1982

Welcome to the forum.

Please remember to ALWAYS quote the source of any news article.

My mistake....

article from livemint (from ex employees of wall street journal)

[bhopalus]

Originally Posted by kolkatausa

Dharavi looks neat. It's unique. Sad to see it go. Dharavi, along with Bollywood, put Mumbai on the world map.

um.... was this a lol?

[bhopalus]

lol ok

what do people mean when they mention this "ugly woman"? i dont get it

[India101]

whoa!Dharavi much bigger than i thought.So their going to build homes for almost 1million people.

[vidya]

Originally Posted by kolkatausa

Dharavi looks neat. It's unique. Sad to see it go. Dharavi, along with Bollywood, put Mumbai on the world map.

yes i do agree with kolkatausa .... Dharavi I think is one of the most famous places in the world. And as he said that it has put mumbai on world map is absolutely right.

My few friends always travel to beautiful cities like london, sydney, newyork... they say that during landing if we look down we cannot find out which city is this. but landing in mumbai ... and looking down the at" Dharavi" one can easily find out its is mumbai. its a land mark of mumbai

[KB335ci2]

I agree that Dharavi is an integral part of Bombay, and does lend its character to the city. But cummon, I'd rather have something else to look at than slums on my way into Bombay. Wouldn't you?

[Curry4Ever]

The point is not what you'd like to see on landing. What is being missed here is that the people of this country deserve better. The slum has to go one way or the other.

[KB335ci2]

I'm aware of what the people of my city, and country deserve. My post was in response to vidya's...

My few friends always travel to beautiful cities like london, sydney, newyork... they say that during landing if we look down we cannot find out which city is this. but landing in mumbai ... and looking down the at" Dharavi" one can easily find out its is mumbai.

[qwertyasd]

http://www.expressindia.com/latest-n...evived/364822/

Is this true? 300 sq ft. Are they finally happy?

Mumbai, September 22 Suggestions from stakeholders incorporated; 300 sq ft homes for dwellers; work from next year

After running into a series of roadblocks, the Rs 9,300-crore Dharavi Redevelopment Project is finally back on course with the government finalising a revised schedule for the much-delayed bidding process.

[bhargavsura]

Originally Posted by vidya

yes i do agree with kolkatausa .... Dharavi I think is one of the most famous places in the world. And as he said that it has put mumbai on world map is absolutely right.

My few friends always travel to beautiful cities like london, sydney, newyork... they say that during landing if we look down we cannot find out which city is this. but landing in mumbai ... and looking down the at" Dharavi" one can easily find out its is mumbai. its a land mark of mumbai

What?

So you want people to come to know its Mumbai if Mumbai has slums? LOL.... Whatever happens, don't become a leader.... DHARAVI is a BLOT on Bombay's development. Just as Curry4Ever said, it has to go... There is no second option and no compromising. People have done that enough..

And people won't find out what city they are landing in? Hello.. if its going to Mumbai to London, the first place to Land will be London and not Paris or Sydney or New York?

[Curry4Ever]

Originally Posted by KB335ci2

I'm aware of what the people of my city, and country deserve. My post was in response to vidya's...

And my post was in response to your's. Whats important is not what you'd like to see on landing but what the people living in Dharavi deserve. Different points of view thats all.

[bhopalus]

Dharavi redevp plan amended & revived

Mumbai, September 22 Suggestions from stakeholders incorporated; 300 sq ft homes for dwellers; work from next year

After running into a series of roadblocks, the Rs 9,300-crore Dharavi Redevelopment Project is finally back on course with the government finalising a revised schedule for the much-delayed bidding process.

According to MHADA vice-president Gautam Chatterjee, also officer on special duty for the project, the tentative timeline has been approved, in principle, by Chief Minister Vilasrao Deshmukh as well: The 19 shortlisted consortiums of global realty majors will be issued amended bid documents by the end of September; will present their masterplans by mid-October; following a deliberative process regarding each bid’s technical merits, financial bids will be opened before November-end.

“If we can adhere to this timeline,” said Chatterjee, “we should have the winning bids in a month from then.” Work would then begin by early 2009.

The project aims at rehousing 57,000 slum families in free homes, to be built by investing real estate developers who then exploit the FSI of 4 for commercial realty development.

“We have managed to build consensus among all stakeholders,” said Chatterjee, referring to a series of meetings held with various opponents and critics of the project, including former bureaucrats, architects, planners as well as political parties.

“The last couple of months have seen intense interaction between the Slum Rehabilitation Authority, Dharavi Redevelopment Project and stakeholders, which has yielded some very positive results,” said project management consultant Mukesh Mehta.

Some details of the scheme have now been tweaked: The minimum size of all flats for slumdwellers is now 300 sq ft; those who currently own more than 300 sq ft will be eligible for 400 sq ft homes if they pay construction cost for the excess 100 sq ft.

Also, to mitigate the widespread fear that the monthly outgoings on a flat in a highrise would be unaffordable, the government will match the Rs 20,000 per flat to be contributed to the maintenance corpus fund by the developer with another Rs 20,000. “This will help create greater resources at the start — Rs 40,000 per flat — for maintenance,” Chatterjee added.

The amended bid documents also make it mandatory for bidders to demarcate spaces for economic activities — Dharavi is a hub for manufacture of leather goods, food products, clothing, artificial jewellery and a large recycling industry. Also incorporated in the amendments are a conceptual masterplan, technical specifications of amenities and mandatory infrastructural development.

In a slum large and congested, the government will permit only minimal residential space development in the non-rehabilitation component. That means the largest chunk of the new Dharavi’s realty development will contribute to creating commercial space. “These too will be on the periphery of Dharavi, and will be located closer to transportation hubs and nodes,” said Chatterjee.

[vidya]

Development of Asia’s biggest slum Dharavi in Mumbai is facing a fresh new hurdle.

Residents demanding 400-sq-ft tenements in the slum took to the streets on Tuesday against a decision to restrict their dwellings to a space of 300-sq-ft.
The slum is the focus of a looming showdown as municipal authorities and developers seek to raze it to the ground and replace it with office towers, luxury apartments and shopping malls.

Families that can prove they have lived in Dharavi since 1995 would be entitled to a free apartment in the same area, but the new dwellings would be tiny, just 300 sq. ft, about the size of a living room.

The state’s main opposition Shiv Sena party said they would continue their protest till their demand is met.

The project to re-develop the roughly two-square-km warren of brick and corrugated iron rooms into a high-rise housing and commercial complex is expected to take at least seven years to complete and could eventually be worth up to ten billion dollars in property sales.’’

Dharavi has about 5,000 single-room factories and hundreds of cottage industries that together have a turnover of an estimated one billion dollars.

Source : exchange4projects

[jubin]

Global credit crunch could stall Dharavi project

THE STATE government’s ambitious plan to re-develop Dharavi could stall because property firms that have bid for the project said the global financial crisis had made it very hard for them to raise money .
Although builders did not go as far as to say they would pull out of the project, they said they were waiting and watching.

The Dharavi project envisions that property firms will build new homes for the 500acre slum’s residents. The firms are expected to fund this through money they will raise by selling new commercial buildings they will be allowed to construct on the same plot. The project is expected to cost Rs 15,000 crore.

The 19 firms that made it through the first, technical round of bidding are to submit financial bids in November. Five firms will finally be chosen.

Several big real estate firms are in contention, such as DLF, the Emaar-MGF and Sobha Developers. Mumbai-based HDIL, whose global partner is US investment bank Lehman Brothers which went bankrupt earlier this month, is one of the bidders.

“It will be difficult to raise the money,” said a developer who has bid for the project, who did not wish to be named. “Banks have stopped lending us money .

The government plans to allow the winning five firms to start construction in December. Before that, the firms will have to raise money, either by borrowing or through equity. But the collapse of leading US financial institutions over the past two weeks has caused credit in global financial markets to dry up and the price of money to soar.

“I cannot reveal their names, but many builders were already being borrowing at annual interest rates of up to 28 and 30 per cent to fund shortfalls,” said Pranay Vakil, chairman Knight Frank, a global property consultant. “Now faced with the global credit crunch, how are bidders for the Dharavi project going to raise funds?” He said raising money through IPOs was also not a viable option, given the mood in the stock market.

Indian real estate stocks have tumbled after this month’s buyout of Merill Lynch and collapse of the Lehman brothers, the world’s thirdand fourth-largest investment banks. Vakil said that venture capital funds were also going slow on investing in real estate firms.

With financial markets crashing, so have house sales, which may have generated some cash.

“This is a wrong time,” said a builder at the forefront of slum rehabilitation in Mumbai. “It will hugely affect the project. If they have waited for so long, why can’t they wait till mid-next year?” The state, however, does not plan to change its schedule. “We will get realistic bids,” predicted Gautam Chatterjee, CEO of the state’s Dharavi Redevelopment Project.

A few builders are also not as pessimistic as the rest of their fraternity. One builder felt the crisis was temporary. “The market is in turmoil,” he said. “But I am hopeful that it will look better by the year-end, when the project starts.” What goes down will come up, said Anuj Puri of JLL Meghraj, a real estate consultancy. “The new buildings in Dharavi will come on the market only after three to seven years,” he said. “The big boys will realise this.”

[vidya]

Maharashtra Housing & Area Development Authority (MHADA) is planning major changes in the bidding document for the Rs.10,000 crore Dharavi redevelopment project. According to the new conditions, the height of building will be G+7 and in some exceptional cases G+10 structures will be allowed.

Many bidders, including some international real estate players, participated in the bidding process, hoping to exploit the state government's decision to give four FSI (Floor Space Index, which indicates permissible construction on any plot). The size of each tenement to be given to slum dwellers has also been increased from 225 to 269 sq.ft.


Source : exchange4projects

[zenith_suv]

G+10 structures will be allowed only in the exceptional case of a building have 25 mt or more of adjoining open spaces and the chances of that are bleak at best.

This is really going to upset the developers as a major reason for the great interest in this project was that until now no restriction on height was there .

[phaedrus]

all you hear about the redevelopment project are delays and changes. wtf!

[vidya]

Originally Posted by zenith_suv

G+10 structures will be allowed only in the exceptional case of a building have 25 mt or more of adjoining open spaces and the chances of that are bleak at best.

This is really going to upset the developers as a major reason for the great interest in this project was that until now no restriction on height was there .

i didn't get u point ??

[bhargavsura]

Source: Hindustan Times