A large-scale redevelopment of slums spread across 338 acres in the Thane-Belapur industrial belt is set to be undertaken by a private developer, following fresh tenders issued by the Maharashtra Industrial Development Corporation. Around 35,800 slum structures across three sectors have been identified as eligible for rehabilitation under the project.
However, a key precondition mandates that only developers capable of rehabilitating more than 1,900 families will qualify, sparking speculation that the criteria may favour a select group of major builders. The project will be executed in three phases, covering the stretch from Digha to Shiravane, and is being positioned as one of the largest redevelopment initiatives after Dharavi.
The selected developer will be responsible for the entire lifecycle of the project, including design, financing, construction, and rehabilitation. The Thane-Belapur belt, among Asia’s largest industrial zones, has seen extensive encroachments over the years, with slums occupying nearly 225 acres. The latest tender expands the redevelopment scope to 338 acres, dividing the area into three clusters.
Earlier, there was a proposal to transfer the land to the Navi Mumbai Municipal Corporation for phased redevelopment under a cluster scheme. While initial discussions involved forming a special purpose vehicle (SPV) with shared stakes between MIDC and the civic body, the proposal was rejected by the municipal corporation, which instead pushed for complete land transfer.
Commenting on the move, MIDC CEO P. Velarasu said, “MIDC is taking decisions in accordance with the group redevelopment. At the same time, flexibility will be adopted in the policy according to the response of the stakeholders involved in this process,” he said.
Despite earlier approvals to transfer 225 acres to the civic body, MIDC has now moved ahead with appointing private developers, raising questions over the shift in approach. Given the prime location along the Thane-Belapur corridor, the land is estimated to be worth several thousand crores. If executed, the project could transform the industrial belt into a mix of residential and commercial developments.
Source: Loksatta
