A consortium headed by Reliance Industries Limited's real estate arm, Reliance 4IR Realty Development Limited, has secured the 101-acre Juhu Lane-Gilbert Hill slum cluster redevelopment project in Mumbai, the Hindustan Times reported.
The win marks the conglomerate's entry into the city's slum rehabilitation business.
Spread across 101.36 acres surrounding Gilbert Hill, a 66-million-year-old monolith in Andheri West, the venture ranks among the biggest projects and the first to advance under Maharashtra's recently launched slum cluster redevelopment policy.
Floated by the Slum Rehabilitation Authority (SRA), it is set to deliver over 28,000 rehabilitation homes for eligible slum residents.
"This project will become a model for future cluster redevelopment projects across Mumbai."
A consortium headed by Reliance Industries Limited's real estate arm, Reliance 4IR Realty Development Limited, has secured the 101-acre Juhu Lane-Gilbert Hill slum cluster redevelopment project in Mumbai, the Hindustan Times reported.
The win marks the conglomerate's entry into the city's slum rehabilitation business.
Spread across 101.36 acres surrounding Gilbert Hill, a 66-million-year-old monolith in Andheri West, the venture ranks among the biggest projects and the first to advance under Maharashtra's recently launched slum cluster redevelopment policy.
Floated by the Slum Rehabilitation Authority (SRA), it is set to deliver over 28,000 rehabilitation homes for eligible slum residents.
The stretch runs from Juhu Lane (CD Barfiwala Road) up to JP Road near the Hansraj Morarji Public School.
At present, the site houses 13,634 slum tenements along with some SRA buildings, a private hospital, a police station, a civic market, a retail market, educational institutions and government offices.
The Reliance-led group, which includes Mahadev Realtors Juhu Private Limited, a subsidiary of Aspect Realty, edged out JSW Realty and Infrastructure Pvt Ltd and Shapoorji Pallonji Real Estate Pvt Ltd to clinch the deal.
The contract was awarded on the basis of the percentage of the ready reckoner rate for land that bidders agreed to pay the SRA as a premium, with the floor fixed at 10 per cent.
The winning developer must commit roughly Rs 700 crore towards two years of transit rent and deposit an additional year's rent in post-dated cheques with the SRA. It must also furnish a performance guarantee of Rs 100 crore.
"The Juhu Lane slum cluster's successful tendering process marks a watershed moment in Mumbai's redevelopment journey," said Mahendra Kalyankar, chief executive officer of the SRA. "This project will become a model for future cluster redevelopment projects across Mumbai."
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