MMRDA (Mumbai Metropolitan Region Development Authority) to redevelop Ramabai Ambedkar Nagar, one of Mumbai’s oldest slums, into a mixed-use (residential+commercial) hub. The plan was discussed in the authority’s meeting with the CM and chairperson of MMRDA, Eknath Shinde, on December 12.
The authority will undertake the redevelopment in a JV (joint venture) with SRA (Slum Rehabilitation Authority), where MMRDA will be the project implementation agency. Ramabai Ambedkar Nagar currently houses nearly 16,500 slum dwellings over 75 Acres of land parcel. The government agency will follow the necessary process of identifying the PAPs (Project Affected People) before rehabilitation.
Also Read: Maharashtra Govt gives nod for building New City called ‘Third Mumbai’
The project tenders for sale and lease will be floated after completing the land acquisition, which will be free of cost. The scope of work also includes connecting the Eastern Freeway (EF) with the Eastern Express Highway (EEH) to improve road connectivity within the redeveloped hub.
The redevelopment will enable MMRDA to generate an estimated INR 4,000 Crore or more, given the cost of land. The authorities expect revenue of INR 1,073 Crore from the sale of residential units, while commercial hubs will fetch higher revenue.
Biltrax Construction Data is tracking 28,000+ projects on their technology platform for their clients.
Get exclusive access to upcoming projects in India with actionable insights and gain a competitive advantage for your products in the Indian Construction Market.
Visit www.biltrax.com or email us at contact@biltrax.com to become a subscriber and generate leads.
Disclaimer: The information contained herein has been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. The image featured in this article is for representation purposes only and does not in any way represent the project. If you wish the article to be removed or edited, please email editor@biltrax.com.
0
