Member of The Month OCTOBER 2009
- Jul 23, 2009
7,000 slums in Dharavi sold for Rs 700 cr
MUMBAI: While tony Cuffe Parade recently witnessed the country’s second highest apartment deal at Rs 93,000 a sq ft, a real estate goldmine is quietly developing at the other end of the island city. Slum enclave Dharavi, on the verge of an Rs 15,000-crore redevelopment project, has speculators running amuck to buy up its minuscule shanties. The trend was discovered by Pune-based NGO, Mashal, soon after it completed an exhaustive 18-month-long survey of the 590-acre sprawl. The NGO says that 6,000 to 7,000 slum dwellings have been sold in Dharavi over the past four months—possibly to individual investors who expect the Dharavi Redevelopment Project to kick off shortly. The total value of slums sold so far comes to a staggering Rs 700 crore. During the survey, Mashal used a sophisticated software called the Geographical Information System to map each and every structure and household in the shanty town. The NGO was appointed by the Slum Redevelopment Authority following protests and criticism that the project was being implemented without anyone knowing the ground realities.