Reliance-led consortium highest bidder, set to bag 101-acre Juhu Galli slum cluster redevpt project

Chaitanya.MarpakwarMumbai: A Reliance-led consortium has emerged as the highest bidder for the 101-acre Juhu Galli slum cluster redevelopment project.Reliance 4IR Realty Development Limited made the bid in a consortium with Mahadev Realtors Juhu Pvt Ltd, which is a subsidiary of Aspect Realty. This consortium offered to pay the highest 35.10% premium to Slum Rehabilitation Authority (SRA), which is 10% above the regular premium of 25%.Shapoorji Pallonji, Reliance & JSW had bid for Mumbai’s first cluster slum rehab scheme at Juhu Galli. SRA officials said the state govt’s high powered committee (HPC) approved Reliance’s technical and financial bid, and the state govt will now issue letter of award (LoA) to the consortium. Officials said the company will pay around Rs 180 crore pending rent to tenants and will pay two years’ advance rent, which is around Rs 750 crore.Officials added that in SRA schemes, builders usually pay 25% of the ready reckoner (RR) rate of the plot to be developed as premium to the SRA. In this case, Reliance 4IR Realty Development Ltd will pay 35.10%, which was the highest among the three bidders.“The Juhu Galli cluster redevelopment project is among the largest and first ever slum cluster redevelopment initiatives ever undertaken in Mumbai and is expected to result in the construction of more than 28,000 rehabilitation homes for eligible slumdwellers. This project is aimed at unlocking large slum clusters that have remained difficult to redevelop under conventional rehabilitation models. The initiative is expected to transform the urban landscape of the area while providing residents with safe, dignified, and modern housing,” SRA CEO Mahindra Kalyankar said.“The tender attracted participation from three leading Indian corporate groups reflecting strong confidence in the state govt’s housing vision and the SRA’s redevelopment framework. Following a transparent and competitive bidding process, a consortium led by Reliance 4IR Realty Development Ltd, a subsidiary of Reliance Industries, emerged as the successful bidder,” Kalyankar said.He added, “As part of the stringent financial safeguards incorporated into the tender conditions, successful bidders are required to secure pending transit rent of slumdwellers along with a cumulative transit rent commitment of approximately Rs 750 crore for the next two years with SRA. In addition, further one year’s transit rent is required to be deposited in the form of post-dated cheques with the SRA, ensuring uninterrupted rental support to eligible residents during the rehabilitation and construction period. Over and above this the successful bidder is required to submit a performance guarantee amounting to Rs 100 crore with SRA.”He further said, “The Juhu Galli cluster redevelopment project is poised to transform one of Mumbai’s largest slum settlements into a modern, well-planned urban neighbourhood with quality housing, improved infrastructure, open spaces, social amenities and enhanced connectivity. The project will significantly improve the living conditions of thousands of families while contributing to the city’s long-term urban renewal objectives.”