Mumbai is the bridge that connect the mountains of wealth to the trenches of poverty. It is 12th richest city globally and also has Dharavi – The biggest slum in Asia.
Rich Mumbai: 12th Richest in the World
Mumbai is 12th wealthiest city in the world. It has an accumulated wealth of $ 950 billions. Mumbai is the financial center of India and the home of Bollywood. Mumbai, also features among the top 10 cities in terms of billionaire population. The city is home to 28 billionaires, individuals with USD 1 billion or more in net assets.
Mumbai is also home to the Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. The most populous city in India is expected to be the fastest growing city (in terms of wealth growth over the next 10 years).
Poor Mumbai: Dharavi-Biggest slum of Asia
Dharavi is considered one of the largest slums in Asia. Dharavi has an area of just over 2.1 square kilometres (0.81 sq mi; 520 acres) and a population of about 700,000. With a population density of over 277,136/km2 (717,780/sq mi), it is one of the densest areas in the world.
The government knows that this superlative is not what they want Mumbai to be associated with. Due to this, they are inviting tenders for transforming the slums.
The minimum stipulated bid amount for the redevelopment of the slum has been set at Rs 3,150 crore. The whopping sum of money is justified as the slum is spread over 593 acres in the heart of India’s commercial capital
The selected lead partner shall form a special purpose vehicle (SPV) with its own contribution of 80% equity worth Rs 400 crore, while the government of Maharashtra will infuse Rs 100 crore to hold 20% equity in this entity.
The tenders will be available between November 28 and December 28, which is also the last date for submission of the bids.
The idea of redevelopment of Dharavi comes with a lot of benefits. This would not only transform the image of Mumbai, but also generate revenues through integrated planned townships. For this, it has notified entire Dharavi as a notified area and appointed Slum Rehabilitation Authority as a special planning body.
The state government has been looking to redevelop this slum for long as this would be a major game change the political landscape for years to come. Finally, after one and a half decades of deliberations, and three failed attempts to develop Dharavi, now they are on the right track.