05 Sep 07 Akruti Nirman and Dubai World to bid for Dharavi redevelopment project

The bidding for the ambitious Dharavi redevelopment project, which has a lot of political, social, environmental and economic implications for the various stakeholders involved, is scheduled to begin soon. Akruti Nirman which specialises in slum rehabilitation projects has joined hands with Limitless, a subsidiary of Dubai World to bid for the Dharavi redevelopment project. Dharavi is Asia’s largest slum and houses tens of thousands of people. It is strategically located very close to Bandra Kurla Complex, which is Mumbai’s second largest business district (after Nariman point, Fort area) and hot real estate property. Akruti Nirman and Dubai World will form an SPV for this project. Akruti Nirman will hold the majority stake in this project. There will be huge competition for the Akruti Nirman – Dubai World combine asÃ‚Â many leading developers from India and abroad are likely to participate in the bidding process for the Dharavi redevelopment project.