For the 39-year-delayed rebuilding of the Om Namo Sujalam Sufalam Society in Santacruz East, the Slum Rehabilitation Authority (SRA) is seeking offers. Almost 1,000 residential, commercial, and industrial tenements make up the neighbourhood, which is close to the Bandra Kurla Complex and the Western Motorway. With a potential built-up area four times the plot size, the redevelopment site is 21,882.15 square meters.
Due to disagreements amongst builders, a lack of interest from developers, and the termination of prior contracts, the project has experienced multiple delays. After initially requesting reconstruction in 1985, the residents made an effort at self-development in the 1990s, erecting two structures. Finding a developer took years, and two of the project’s developers ran afoul of the law. Due to an overly stringent bank guarantee requirement, the Supreme Court dismissed both developers in 2018 and ordered the SRA to hold a fresh tender, which at first did not draw any offers. The project was given to a joint venture, and the guarantee was eventually lowered to INR 20 crore; however, the deal was terminated during the pandemic.
The SRA held another tender in 2022, but it did not draw any bids either. Since then, the project’s duration has been increased to 46 months, and the eligibility requirements have been updated. Developers who have finished projects worth at least INR 200 crore are now eligible to take part. The SRA intends to provide the locals with contemporary homes, which would be a major advancement in the slum restoration process in Santacruz East.
Source: Prop News Time
