Dharavi's redevelopment: NBCC reaffirms interest in Asia’s biggest slum

NBCC India, the National Buildings Construction Corporation, is still interested in carrying out the redevelopment of Dharavi — Asia’s biggest slum — which is a big land mass filled with shanties. The state government has now decided to redevelop these slums via a Special Purpose Vehicle (SPV). NBCC is looking for a 26 per cent share in the SPV.

Only last week, Maharashtra chief minister Devendra Fadanvis, during his foreign visit to Dubai, had met MBM Group, one of the leading groups there. This group had shown interest in Dharavi redevelopment. Fadnavis, during one of his programmes last year, had announced that the government will redevelop Dharavi by forming an SPV.

Yogesh Sharma, Executive Director (Engineer) said: “We are looking for a 26 per share in the SPV, the search for funding agencies is on.”

The funding agencies will be foreign investors who will invest in the SPV that will ultimately redevelop Dharavi. Last year, in September, DNA had reported that NBCC was interested in redeveloping Dharavi, it was reconfirmed by NBCC again.

Watch this Zee Busniess video

NBCC works as a project management consultancy firm, which undertakes projects at a commission of eight to ten per cent of the total project cost. This would be the second big development in connection to Dharavi redevelopment within a week, post the Dubai group showing interest. It appoints reputed contractors who carry out the construction work. Currently, redevelopment of BDD chawls is underway in the same format, with MHADA being the nodal agency.

Source: DNA