Abu Dhabi’s Royal Family to fund Dharavi’s revamp project

Asia’s biggest slum Dharavi in Mumbai will be revamped Seclink Technology Corporation of United Arab Emirates. This project will also be funded by the Royal Family of UAE.

 STC is a Special Purpose Vehicle (SPV), which will get Rs 28,500 crore in funds to revamp 600 acres of the slum.

The project is expected to commence next month. Founded in 2017, it will be one of the biggest projects to be executed by STC.

The company has four individuals, two Indians and two of Indian origin, who will be planning and executing the project—Nilang Shah, Rajesh Ramchandran, Jignesh Sanghvi and Hiten Shah.

STC quoted a price of Rs 7,200 crores for this project during the tendering process.

According to sources, Abu Dhabi Royal Family is going to fund this project. Adani group has bid for Rs 4,539 crores.

As per the project, 350 square-feet carpet area for homes will be targetted. Rehabilitation towers will be built on a 10- acre empty plot where 1,200 residents will be housed. STC plans to complete this project in next 9 years.

200 acres will be used for rehabilitating slum dwellers and commercial units, 100 acres will be earmarked for a large garden and the remaining 300 acres will be for constructing sale buildings and commercial complexes. Rehabilitation will take place along the Sion and Mahim side and the commercial sale buildings would come up adjacent to the Bandra-Kurla Complex (BKC). There would also be a 100-acre garden.

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