Mumbai: Property experts estimate that a free sales component of about 140 million square feet has been estimated to be unlocked by the Dharavi redevelopment scheme, producing revenue of Rs 1.2–1.7 lakh crore for the joint venture between the state government and the Adani Group.Anuj Puri, president of Anarock Group, said, “On a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million sq ft for sale on the open market with about 140 million sq ft, with a separate allocation for the rehabilitation of the current residents. Dharawi Revolutionary Project Developer with TDR, or Transferable Development -Commercial Development Rights – Allows,New India is a special purpose vehicle between the Mega Developers Adani Group and the revival of Dharavi for the state. The total rehabilitation cost of Rs 95,790 crore, including housing units for eligible beneficiaries and other for affordable fare houses, is estimated at Rs 95,790 crore, of which the construction cost will be Rs 23,800 crore. This factor in the cost of constructing and handing over the cost of more than 72,000 units (residential rehabilitation units, residential renewal units, commercial and industrial rehabilitation units and commercial renewal units).Since 270 acres of land is demarcated as a pure developmental area, all lands left after providing 72,000 units to develop free sales components.Pankaj Kapoor, MD, Realty Research firm, Liass Foreas, said he hopes that the profit margin would be 25-30%. He said, “This sales component is on an estimated revenue of Rs 1.2 lakh crore to Rs 1.2 lakh crore, which is at an average market price of Rs 25,000 per sq ft.”“The estimated sellable sector is expected to have a range between 40.7 million square feet and 60 million square feet in an estimated selling area, based on the FSI limit used for the rehabilitation part.”However, he warned that the seven -year entire time of the project was “highly ambitious”. To stay on the track, obtaining an annual sales of about 6.5 to 9 million square feet would be a challenge and will require highly competitive pricing, “he said.Architect Elon Abraham said that for more than 95,000 crores, the Dharavi project is cheaper than the bullet train, the cost of the cost of 3x Mumbai Metro 3 and 6X coastal roads. “It seems really cheap to change the center of our city, to improve the lives of our millions of citizens. If the development of Dharavi is so important for our city, I wonder why the government cannot just make itself – by making public these and additional land, and earning all the revenue from TDR,” He said. “ “In my opinion, the selling price of the Dharavi project will be higher than those in the Bandra-Kurla Complex, and perhaps adding the road,” he said.Aditya Thackeray, Shiv Sena (UBT) leader, said that the Adani Group was encouraged as 1,300 acres in the city for the project. “BMC is being denied a premium of Rs 7,500 crore for its land and TDR incentive.” He said that the MVA government showed a better model of redevelopment for BDD Chawl through a government agency.
