Asia’s biggest slum-Dharavi in Mumbai will be redeveloped at a cost of Rs 22,000 crore. For this, the State Government has constituted a Special Purpose Vehicle (SPV). The private players will have 80 percent stake in this SPV while Government will contribute 20 percent.
As per a new plan approved by the Maharashtra’s Government. The entire slum will be divided into 12 parts and will be revamped completely.
Global tenders have been floated for this project. More than three lakh occupants will be provided with bigger homes.
A similar SPV was formed in 2011 also but due to lack of good response, the entire project was scrapped.