Big guns vie for Dharavi pie

3 days to go, Kohinoor Group, Reliance, Hiranandani bid for the redevelopment of the 144-acre slum

With just three days remaining for the bidding process for the 144-acre redevelopment project of India’s largest slum, Dharavi, to end, a host of big developers like Unmesh Joshi, son of former state chief minister Manohar Joshi-run Kohinoor Group, Hiranandani, DLF, Mahindra Gesco, Reliance Energy, Oberoi, have shown interest in the project where the minimum opening bid is Rs 1,000 crore. The government got the bidding process rolling on June 1 with the Expression of Interest (EoI) form worth Rs 1 lakh. Bids will be opened on September 1.

Considering the project was aimed at attracting foreign developers, interestingly, only five foreign companies of the total 49 bidders have  till date purchased the bid document. They are Dubai-based Emaar and ETA properties, Hong Kong-based Hutchison Whampoa. Officer-on-Special Duty for the Dharavi project IS Chahal, who is also the vice-president of the Maharashtra Housing and Area Development Authority is not troubled. Says Chahal, “A majority of the developers would have tied up with foreign construction companies to fulfil the minimum eligibility criteria of having completed projects worth Rs500 crore.”

Even as competition hots up, foreign developers are sceptical if the government will be able to relocate slumdwellers once the project is finalised. “What is the guarantee that the government will be able to shift slumdwellers when their flats are ready?” said a foreign developer.