From documentary film-makers to globetrotting journalists, real estate magnates to other cities with large slum colonies, it’s not without reason that all eyes are on Dharavi, whose long-overdue redevelopment was finally given the go-ahead on Wednesday.

For, at 223 hectare, the slum is as large as 10 Nariman Points. In a first, the state government will invite tenders from developers for a block-by-block renewal of Asia’s most prominent slum colony. “And, for the first time ever in a city with 60 per cent of its population in slums, the government will actually turn slum redevelopment into a source of revenue for the state’s coffers,” says Mukesh Mehta, the project management consultant.

Rehab Route

About 56,000 families are to be rehoused in 225-sq foot flats. Commercial and industrial unit owners get a 225-sq ft area free, but can buy excess area at cost price. There is a ceiling on how much extra space they can purchase — 10 per cent less than current unit for those occupying up to 1,000 sq feet, 20 per cent less than current unit for those occupying 1,000 to 1,500 sq feet and 30 per cent less than current unit for those occupying over 1,500 sq feet.

Money Spinner

While officials are tightlipped on the minimum premium the government will demand per sq foot, the expected premium even by conservative estimates is Rs 4,000 crore to Rs 5,000 crore. If the Dharavi model succeeds, replicating it could be a bonanza of several thousand crores for the revenue coffers, a government officer pointed out.

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