NAREDCO appeals Maharashtra Govt to allot 5,000 slum projects in Mumbai

The apex body of real estate developers National Real Estate Development Council (NAREDCO) has requested the Maharashtra government to allocate 5,000 slum redevelopment projects to the industry body.

Maharashtra employs public-private partnerships (PPP) to revamp slums, allowing real estate developers to receive extra floor space index (FSI) if they relocate residents into homes larger than 300 sq ft. Once the developers have rehoused occupants, they are authorized to market any properties built using their increased FSI allotment. 

The Slum Rehabilitation Authority (SRA) is the nodal agency for the slum redevelopment projects in Maharashtra. According to the data given by the Maharstra Govt, since the inception of SRA, overall 2,353 projects have been completed and 2,57,403 families are residing in rehabilitated slums, as of March 2024.

According to the founder and chairman of Hiranandani Group and chairman Emeritus of NAREDCO Maharashtra, Niranjan Hiranandani elucidated, “Maharashtra employs public-private partnerships (PPP) to revamp slums, allowing real estate developers to receive extra floor space index (FSI) if they relocate residents into homes larger than 300 sq ft. Once the developers have rehoused occupants, they are authorized to market any properties built using their increased FSI allotment.”

He also added, By leading this endeavor, NAREDCO aims to play a pivotal role in transforming Mumbai into a slum-free city, setting a benchmark for urban redevelopment and inclusive growth."

Dharavi is a famous and biggest slum of India and an example of slum redevelopment project. t is a joint development project of Government of Maharashtra and the Adani Group. The Dharavi redevelopment project is underway, and a survey to gather information on eligible and ineligible slum residents is currently underway. The authorities anticipate that the investigation will be completed by March 2025.

According to SVR Srinivas, CEO of Dharavi Redevelopment Project (DRP), the commencement of construction work is anticipated within a timeframe ranging from six to eight months as reported on August 29 by HT.com.