DUBAI: A UAE consortium led by Dubai-based SecLink group has clinched the deal to give a multibillion dollar facelift to one of the world’s largest slum settlements.
In an exclusive interview to Gulf News, SecLink group’s chairman and managing director Nilang Shah said they have secured the bid to transform Mumbai’s Dharavi, which sprawls 2.4 kilometres on prime land in India’s financial capital and is home to over 700,000 slum dwellers.
The mega project, estimated to cost Dh13.54 billion, will provide quality housing to Dharavi residents and also yield over 50 million square feet of saleable space with a revenue potential for $15 billion, SecLink said in a statement to Gulf News.
The financial bid for the redevelopment of Dharavi Notified Area (DNA) was opened by the Government of Maharashtra. Last week, Seclink emerged as the highest bidder after it quoted investments worth Dh3.73 billion. The other bidder was the Adani Group, which quoted Dh2.35 billion.
A Memorandum of understanding (MoU) is now being signed between the Maharashtra government, the Dharavi Redevelopment Project Authority (DRPA) and SecLink.
