DDA's Maiden Slum Redevelopment Project: A Boon for Urban Poor and Builders
In a pioneering move, the Delhi Development Authority (DDA) has successfully awarded Delhi's inaugural slum redevelopment project, valued at a substantial Rs 500 crore, to renowned local builder, Raheja Developers. This groundbreaking initiative is poised to significantly enhance living conditions for the city's urban poor while unleashing business opportunities worth thousands of crores for real estate developers.
Project Details and Location
- Project Location: Kathputli Colony, situated near Shadipur Depot in west Delhi
- Project Size: Spanning approximately 5.22 hectares (13 acres)
- Award Price: Rs 6.11 crore, the bid amount paid by Raheja Developers for the land
Redevelopment Scheme Highlights
Under the innovative scheme, Raheja Developers is mandated to construct:
- 2800 Homes: Each with a sizeable area of 30 square meters, exclusively for the existing slum dwellers of Kathputli Colony, named after its predominant residents of puppeteers and craftsmen.
- Commercial Exploitation: The developer is entitled to utilize 10% of the total space allocated for the 2800 homes for commercial purposes.
- High-End Residential Development: An additional close to one hectare of land is allocated for the development of luxury residences.
Business Dynamics
The strategic project design ensures that the expenditure incurred in building homes for slum dwellers is offset by the lucrative sale of commercial space and high-end houses, with the land being acquired at a remarkably low cost of Rs 6 crore.
Precedent for Future Developments
A recent precedent highlights the project's potential:
- DLF's Capital Greens Project: Located merely 3-4 kilometers from Shadipur Depot, DLF successfully sold 1250 apartments at a rate of Rs 5677 per square foot.
Immediate Next Steps
Raheja Developers will be required to establish temporary accommodations for the slum dwellers on a nearby plot, scheduled to be allotted by the DDA within a month or two.