BMC takes charge of monitoring TDR from Dharavi Redevelopment Project

The Brihanmumbai Municipal Corporation (BMC) has been assigned the crucial role of overseeing the Transfer of Development Rights (TDR) generated from the Dharavi Redevelopment Project (DRP), as per a notification issued by the Maharashtra government on November 6.
The directive emphasizes BMC’s responsibility in ensuring a transparent and fair disposal of available TDR, utilizing electronic systems such as e-tenders, auctions, quotations, or D-mat, in collaboration with the state government.
The recent notification also stipulates that the TDR from the DRP must be given priority before considering the utilization of other TDR. The objective is to ensure that 40% of the TDR from this project is consumed or sold in the market, as disclosed by an anonymous official from Mantralaya.
Developers engaged in projects requiring TDR will now need to prioritize the use of DRP TDR over any other TDR, according to the official. However, this condition will be applicable only once the generation of DRP TDR officially commences. Currently, the project is in the process of establishing a Special Purpose Vehicle, the official added.
Varsha Gaikwad, President of the Mumbai Regional Congress Committee and legislator for the Dharavi constituency in the State Assembly, criticized this decision made by the Shinde-Fadnavis coalition government. She expressed her concerns on social media, alleging that the government has effectively handed over Mumbai’s real estate market to the Adani conglomerate. Dharavi, spanning 2.8 sq km and often referred to as Asia’s largest slum in Mumbai, is undergoing redevelopment after a decade-long wait. Adani Realty, a segment of the Adani Group, secured the bid for the Dharavi redevelopment with an offer of Rs 5,069 crore in November last year.
The rehabilitation buildings in Dharavi aim to be ready within seven to eight years from the allotment of the commencement certificate (CC), while the overall project, including rehabilitation and saleable components, spans approximately 17 years with an estimated cost of around Rs 20,000 crore.