The Indian Railways has yet to transfer 47.5 acres of land in Dadar to the Dharavi Redevelopment Project Pvt. Ltd., the dedicated entity for the rejuvenation of the sprawling Dharavi slum. Insiders reveal that the railway still maintains goods on the mostly vacant land. This significant parcel of railway land borders the Dharavi region and holds substantial importance for the construction of the initial phase of permanent accommodations. While a physical survey of the land has been completed, discussions are actively underway between the project authorities and the Indian Railways to secure its prompt handover.
The Indian Railways is still in the process of transferring ownership of 47.5 acres of land in Dadar to the Dharavi Redevelopment Project Pvt. Ltd., the special purpose entity designated for the rejuvenation of the sprawling Dharavi slum. The delay is reportedly due to the railways' ongoing need to vacate the land, which is currently being used for storage purposes. This significant parcel of railway land borders the Dharavi region and holds substantial importance for the construction of the initial phase of permanent accommodations. While a physical survey of the land has been completed, discussions are actively underway between the project authorities and the Indian Railways to secure its prompt handover.
The establishment of the special-purpose vehicle (SPV) for the Dharavi redevelopment project took place just last month. A collaborative effort involving the Dharavi Redevelopment Project Authority (DRPA), the Slum Rehabilitation Authority (SRA), and the lead developer, Adani Realty, led to the creation of this crucial entity. In May, the SRA acted upon the directives of the state government and allocated a substantial sum of Rs 300 crore for the Dharavi redevelopment endeavour. Out of this allocation, Rs 200 crore was designated to settle the pending financial obligations owed to the railways. The DRPA assigned the remaining Rs 100 crore as an equity contribution towards establishing the SPV.
In May, the government resolution stipulated that the SRA would reimburse the funds once the SPV became fully operational and officially established. A spokesperson representing the Dharavi Redevelopment Project Pvt. Ltd. emphasized that the lead partner, Adani Realty, diligently met all its financial obligations, including the payments related to the railway land, well within the stipulated timeframe. The journey to secure this land commenced in 2019 when the government reached a notable agreement with the Railway Land Development Authority (RLDA).
This agreement allowed the lease of 45 acres of railway land for an extensive 99-year term, with a financial commitment of Rs 3,800 crore. Subsequently, this land area was augmented to the present 47.5 acres. The state expeditiously remitted an initial payment of Rs 800 crore, directly transferring it to the RLDA for the land acquisition cost. The formal agreement, executed in October, required settling the remaining Rs 200 crore by April 17th. Collaboratively, revenue officials, alongside railway and DRPA representatives, conducted a thorough survey of the land.
Additionally, the DRPA holds responsibilities extending to the redevelopment of railway quarters spanning an impressive 7.5 lakh square feet. This endeavour is intended to serve the railway's interests while concurrently providing new accommodations for over 3,000 slum residents. Moreover, the railway is slated to receive a share of the profits generated from the comprehensive redevelopment project. These intricate proceedings underline the multifaceted nature of urban development initiatives, with legal, financial, and logistical dimensions all interwoven in the ambitious task of rejuvenating the Dharavi slum.
Advertisement
Facebook
Whatsapp
