Oberoi developers and Shimao Group to bid for Dharavi redevelopment project

Oberoi Constructions and $10bn Chinese real estate firm Shimao group have joined hands to bid for the Rs 10,000-crore Dharavi Redevelopment Project.

The company has floated a special purpose vehicle (SPV) with Shimao for the same. The consortium will bid for all the five sectors under the Dharavi redevelopment plan.

The equity holding of both the entities is not known. Other realty developers have also tied up with international counterparts to bid for this project. To name a few, HDIL tied up with investment major Lehman Brothers and Akruti has formed a consortium with Dubai-based Dubai World to bid for the project.

Other real estate developers who have shown interest in the redevelopment project are DLF, Indiabulls, Lanco, L&T, Shapoorjee Pallonjee group, Videocon, Sobha, Lodha, Kalpataru, Emaar Properties (Dubai), Hawnha group (South Korea) and Banaldin group (Saudi Arabia).

The Slum Rehabilitation Association (SRA) had received 26 bids from various consortiums, including 78 real estate firms. The development work is expected to begin by January 2008.