Reliance Industries Led Consortium Secures Contract to Redevelop 101.36-Acre Juhu Lane-Gilbert Hill Slum Cluster in Mumbai

Reliance 4IR Realty Development Ltd, a subsidiary of Reliance Industries Ltd, has emerged as the successful bidder for the redevelopment of the 101.36-acre Juhu Lane-Gilbert Hill slum cluster in Andheri (West), Mumbai, as per news reports.  

The company partnered with Mahadev Realtors Juhu Pvt Ltd, part of Aspect Realty, for the project awarded by the Slum Rehabilitation Authority (SRA). 

One of Mumbai's Largest Redevelopment Projects 

The site spans over 101 acres and is to accommodate more than 28,000 rehabilitation homes for eligible residents. The cluster stretches from Juhu Lane (CD Barfiwala Road) to JP Road near Hansraj Morarji Public School.  

It currently houses 13,634 slum tenements along with markets, educational institutions, government offices, a private hospital, a police station and existing SRA buildings. 

Tender Draws Multiple Corporate Bidders 

The SRA tender attracted bids from three groups, including the Reliance-led consortium, JSW Realty and Infrastructure Pvt Ltd and Shapoorji Pallonji Real Estate Pvt Ltd.  

The selection was based on the premium offered over the ready reckoner value of the land, with the authority specifying a minimum qualifying premium of 10%. 

Transit Rent and Project Conditions 

Under the tender conditions, the selected developer must provide around ₹700 crore towards transit rent for eligible residents over the next 2 years.  

The consortium is also required to deposit one additional year's transit rent through post-dated cheques with the SRA and furnish a performance guarantee of ₹100 crore before execution of the project. 

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Conclusion 

Following the award of the contract, the selected consortium will undertake rehabilitation and redevelopment of the 101.36-acre slum cluster in accordance with the terms of the tender and the state government's redevelopment policy. 

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