MUMBAI: A consortium led by Reliance Industries’ subsidiary Reliance 4IR Realty Development, along with Mahadev Realtors Juhu, a subsidiary of Aspect Realty, has emerged as the successful bidder for the redevelopment of the 101.36-acre Juhu Galli slum cluster in Mumbai suburb Andheri (West), one of the largest slum cluster redevelopment projects undertaken in Mumbai.
The tender process, conducted by the Slum Rehabilitation Authority (SRA), attracted bids from three corporate groups including Reliance, JSW and the Shapoorji Pallonji Group. Following the bidding process, the Reliance-led consortium was selected as the successful bidder for the project
The redevelopment is expected to result in the construction of more than 28,000 rehabilitation homes for eligible slum dwellers. The project is being undertaken under the Maharashtra government’s Cluster Redevelopment Policy, which seeks to facilitate the redevelopment of large slum clusters that have remained difficult to redevelop under conventional slum rehabilitation models.
The tender conditions include financial safeguards linked to transit accommodation support for residents. The successful bidder will be required to secure pending transit rent dues of slum dwellers and provide a cumulative transit rent commitment of about Rs 700 crore for the next two years with the SRA.In addition, the developer will have to deposit a further one year’s transit rent through post-dated cheques with the authority to ensure rental support for eligible residents during the rehabilitation and construction period.
The bidder will also be required to furnish a performance guarantee of Rs 100 crore with the SRA.According to the SRA, the project is among the largest slum cluster redevelopment initiatives undertaken in the city and is expected to reshape the urban landscape of the area through the provision of rehabilitation housing and supporting infrastructure.