₹10,000 Crore Revenue Expected from Nargis Dutt Nagar Slum Redevelopment in Bandra
Nargis Dutt Nagar, located in Bandra’s Reclamation area, is set to undergo a major redevelopment that is expected to generate ₹10,000 crore in revenue. This transformation of the largest slum settlement in Bandra is being carried out by Roshni Developers in partnership with Godrej Properties under the Slum Redevelopment Authority (SRA) scheme.
The project will involve building 3BHK and 4BHK apartments on the sea-facing land, which has long been a densely populated slum area. These modern apartments will be spread over a vast expanse, significantly altering the area's landscape. Roshni Developers will oversee the rehabilitation aspect of the project, covering an area of 5.4 lakh square feet, which will provide new homes for 1,515 slum families currently residing in Nargis Dutt Nagar. Godrej Properties will focus on developing the free-sale component, which will cover 10 lakh square feet and cater to the open market. The redevelopment is expected to cater to the demand for residential units in Bandra, which is a prime location in Mumbai.
Out of the 1,515 families, 851 have been deemed eligible for rehabilitation after undergoing the necessary scrutiny and compliance checks. These families will be provided with homes within the redeveloped area. Roshni Developers are also working to facilitate the eligibility process for the remaining families. This process ensures that all residents are given fair treatment based on established SRA rules. The rehabilitation aspect is crucial as it ensures that the existing slum dwellers are not displaced but instead benefit from the redevelopment, with access to modern homes and improved living conditions.
In terms of revenue generation, the project is projected to bring in ₹10,000 crore. This is mainly expected from the sale of free-market residential units developed by Godrej Properties. The large scale of the project, both in terms of area and financial impact, underscores its importance for the real estate sector in Mumbai. By converting a slum area into a residential zone with high-end apartments, the project is expected to attract both investors and potential buyers from affluent sectors. It also demonstrates the potential for slum redevelopment projects to contribute significantly to the economy.
For the local community, this redevelopment will bring substantial social benefits. The slum families who will be rehabilitated under this project will receive better housing and access to modern amenities. These homes will be equipped with necessary infrastructure, improving the living conditions of those who have long lived in overcrowded and inadequate environments. The project also promises to improve the overall infrastructure of the area, with better roads, sanitation, and utilities.
The partnership between Roshni Developers and Godrej Properties will play a key role in ensuring the success of the redevelopment. Both companies bring significant expertise and resources to the table. Roshni Developers, known for their work in slum rehabilitation, will ensure that the rehabilitation process is carried out smoothly, while Godrej Properties, a leading real estate developer, will focus on the construction of premium residential units for the open market.
The redevelopment of Nargis Dutt Nagar is a significant step toward addressing Mumbai's ongoing housing challenges. The city has long struggled with a shortage of affordable housing, and projects like this one are part of the solution.
