They're best known for Burj-Dubai, or Dubai Tower, set to soon become the world’s tallest building. And they have shown a keen interest in the Dharavi project.

According to sources in the Slum Rehabilitation Authority, flooded with calls since the sale of the expression of interest document for the Rs 9,300-crore Dharavi Redevelopment Project began, the UAE-based Emaar Properties is among those queuing up to bid for rights to develop one out of five sectors to be carved out of Dharavi, Asia’s most notorious shanty-sprawl.

Among the other global big daddies of real estate eager to get a slice of Dharavi: The DLF India group, which built the Gurgaon township on the outskirts of New Delhi, in a possible joint venture a local builder; Akruti builders, who have undertaken extensive SRA projects in Mumbai already, and Dewan Builders, another major player in TDR trade. Others: The Hiranandanis, the Kalpataru group, Larsen & Toubro, Gammon, an Israeli construction company and “half a dozen” developers from Hong Kong and Singapore. Both Ambani groups are also expected to bid, said senior officials in the SRA.

While the EoI document will be sold—at a steep Rs 1 lakh just for the document—through June, bids will be opened on August 1, followed by a shortlisting of prequalified bidders before the financial bidding opens in September. Interested developers can bid for more than one sector, but can finally be awarded only one. “If one developer quotes the highest bid for a second sector as well, the second highest bidder in that sector will have to match that bid,” said officer on special duty (Dharavi Redevelopment Project) Iqbal Singh Chahal.

... contd.