Reliance-Led Consortium Wins Bid For Juhu Galli Slum Cluster Redevelopment, One Of Mumbai’s Largest Slum Rehabilitation Projects | file pic
Mumbai: The Slum Rehabilitation Authority (SRA) concluded the tendering process for the redevelopment of the 101.36-acre Juhu Galli Slum Cluster in Andheri (West), on Wednesday. Following a transparent and competitive bidding process, a consortium led by R4IR Realty Private Limited, a subsidiary of Reliance Industries Group, emerged as the successful bidder. The Juhu Galli Cluster Redevelopment Project is among the largest and first ever slum cluster redevelopment initiatives ever undertaken in Mumbai and is expected to result in the construction of more than 28,000 rehabilitation homes for eligible slum dwellers.The project has been undertaken under the State Government’s Cluster Redevelopment Policy, aimed at unlocking large slum clusters that have remained difficult to redevelop under conventional rehabilitation models. The initiative is expected to transform the urban landscape of the area while providing residents with safe, dignified, and modern housing.The tender attracted participation from three leading Indian corporate groups such as Reliance, JSW and Shapoorji Pallonji Group reflecting strong confidence in the State Government’s housing vision and the SRA’s redevelopment framework.
As per SRA, the successful bidding process demonstrates the growing interest of India’s leading corporate houses in partnering with the Government to address Mumbai’s housing challenges through large-scale redevelopmentinitiatives. Speaking on the occasion, the Chief Executive Officer of the Slum Rehabilitation Authority said:“The Juhu Galli’s Slum Cluster’s successful tendering process marks a watershed moment in Mumbai’s redevelopment journey. The enthusiastic participation of leading corporate groups is a strong endorsement of theGovernment’s vision and the credibility of the SRA’s redevelopment framework. This project will become a model for future cluster redevelopment projects across Mumbai.”
As part of the stringent financial safeguards incorporated into the tender conditions, successful bidders are required to secure pending transit rent of slum dwellers along with a cumulative transit rent commitment of approximately Rs 700 crore for next two years with the Slum Rehabilitation Authority. In addition, further one year’s transit rent is required to be deposited in the form of post-dated cheques with the SRA, ensuring uninterrupted rental support to eligible residents during the rehabilitation and construction period. Over and above this successful bidder is required to submit performance guarantee amounting to Rs 100 Crore with the Slum Rehabilitation Authority.
The Juhu Galli Cluster Redevelopment Project is poised to transform one of Mumbai’s largest slum settlements into a modern, well-planned urban neighbourhood with quality housing, improved infrastructure, open spaces,social amenities and enhanced connectivity. The project will significantly improve the living conditions of thousands of families while contributing to the city’s long-term urban renewal objectives.To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/