Dubai group quotes Rs 7,500 crore for Dharavi's redevelopment

The Dubai-based Sec Link Group has quoted Rs 7,500 crore, while Adani Infrastructure has quoted Rs 4,529 crore for the redevelopment of Dharavi. The Dharavi Redevelopment Authority had set Rs 3,150 crore as the base price. The two were the only ones to bid for the Rs 26,000 crore (estimated) redevelopment project, financial bids for which were opened on Wednesday. Sources said the bids will now be placed before a high-powered committee headed by the chief secretary, comprising senior bureaucrats from departments like housing and urban development, and BMC. Since 2004, the state government has made many bids to redevelop the slum. It recently formed a special purpose vehicle, with the government holding an equity of 20%. The government will invest Rs 100 crore, while the remainder will be provided by the developer. In its development plan for Dharavi, the authority proposed a separate zone for small-scale industries, which will be given a tax holiday for few years once construction begins.