MUMABI: Bandra’s largest slum settlement is set to become an affluent address, in a trend that’s gaining momentum in space-starved Mumbai. Situated at Bandra Reclamation, the Nargis Dutt Nagar slum will be developed under the state’s Slum Redevelopment Authority (SRA) by Roshni Developers, a company owned by Omkar Realtors & Developers, and Godrej Properties.
Under this redevelopment model, branded developers with deep pockets avail various incentives offered by the SRA to turn slum rehabilitation into a lucrative proposition. Accordingly, the developer constructs luxury high-rises while also rehabilitating the slum-dwellers on a portion of the property.
“There are plans to build 3-4 BHK apartments on this sea-facing land parcel,” said a source. While the rehab component will be 5.4 lakh sq ft to accommodate 1,515 slum families, the saleable component is around 10 lakh sq ft. The project has a revenue potential of ₹10,000 crore, according to the source. While Roshni Developers will manage the ground-zero aspect of the rehab component, Godrej Properties will develop the free-sale component.
Plans to redevelop the sprawling, 4.2-acre Nargis Dutt Nagar first took shape in 2019, when Omkar Realtors & Developers and Godrej Properties entered into an agreement. However, the following year, the promoters of Omkar Realtors & Developers were embroiled in legal tangles with the Enforcement Directorate, stalling the project. The plan was revived in mid-2022, when the promoters were discharged from the case.
Then, on the evening of October 12, Ashish Shelar, the BJP’s Member of Legislative Assembly representing Bandra (West) distributed rent cheques to the slum-dwellers of Nargis Dutt Nagar. According to sources, a corpus of ₹40,000 per family will be paid later, according to SRA regulations.
{{/usCountry}}Then, on the evening of October 12, Ashish Shelar, the BJP’s Member of Legislative Assembly representing Bandra (West) distributed rent cheques to the slum-dwellers of Nargis Dutt Nagar. According to sources, a corpus of ₹40,000 per family will be paid later, according to SRA regulations.
{{/usCountry}}Recently, the developers received the Intimation of Disapproval (IOD), the permission issued by the Brihanmumbai Municipal Corporation (BMC) to a developer, allowing them to initiate work on a real-estate construction project.
Godrej Properties did not respond to HT, while Omkar Realtors & Developers’ Managing Director Babulal Varma wasn’t available for comment.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.