News & Views on Indian Real Estate

Tuesday, October 07, 2008

Global Financial Crisis Could Stall Dharavi Project

The ambitious plan of Maharashtra Government to re-develop the Dharavi could stall because property firms that have bid for the project said the global financial crisis had made it very hard for them to raise money. Although builders did not say they would pull out of the project, they said they were waiting and watching. The project envisions that property firms will build new homes for the 500 acre slum’s residents. The firms are expected to fund this through money they will raise by selling new commercial building they will be allowed to construct on the same plot. The project is expected to cost Rs 15, 000 crore. The 19 firms that made it through the first, technical round of bidding are to submit financial bids in November. Five firms will be chosen. The government plans to allow the winning five firms to start construction in December.

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