Real estate Mumbai is on the global stage, as the Maharashtra state administration - in its earnest effort to refurbish the city’s Mumbai’s image, splashed advertisements in leading newspapers in major cities across the globe, inviting developers from overseas for the Dharavi makeover project.

The Wall Street Journal and the Financial Times carried an advertisement on Wednesday, the 30th of May in 20 cities inviting international developers to alter the Dharavi landscape from the largest slum pocket in the world to an integrated township.

The Maharashtra Government is committed to an investment of Rs. 9,300 crore (almost USD 2.3 billion) to recreate the infamous Dharavi suburb. Much deliberation has gone into the Dharavi Redevelopment Project, which was finally given the nod earlier this month.

The commencement of the project is expected to create a stir in the Mumbai property market as business prospects emerge. Strategically located on the crossroads of the central and western suburbs of Mumbai, Dharavi would be a zip away from the upcoming seaway between Bandra and Worli.

For real estate developers in Mumbai, the opportunities are tremendous. Mumbai’s dream project is slated to have 5 self-sustaining sectors over 144 hectares equipped with schools, hospitals, playgrounds and parks for its residents.

Displaced residents of the existing colony would be rehabilitated on 133 sq.ft of built-up area for every 100 sq. ft they currently occupy. 57,000 such families qualify for free homes. Financial bids will be invited in September, 2007, and only those builders with experience of setting up at least one 100 acre township would be eligible to apply. Joint ventures would also be entertained, with a maximum of three partners.

Interest amongst the real estate community in India and overseas in the Dharavi project is rife ever since the project was approved. India’s hottest property market, Mumbai is making international news once again - now for the right reasons.

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