Maharashtra government approves stamp duty concessions for Dharavi redevelopment project
MUMBAI
: The Maharashtra cabinet on Tuesday gave its nod to stamp duty concessions for lease agreements between the Special Purpose Vehicle (SPV) created for the
Dharavi Redevelopment
Project and other agencies.
The decision was taken at a meeting chaired by Chief Minister Devendra Fadnavis.
An SPV has been established for the integrated redevelopment of Dharavi, one of the biggest slum sprawls in Asia which is located in central Mumbai.
The redevelopment project is a joint venture between the state government and the
Adani group
.
The redevelopment- rehabilitation scheme has been declared an 'essential urban and special project' and a policy to offer stamp duty concessions or exemptions for such projects has already been finalised, a statement from the Chief Minister's office said.
In line with the policy, a proposal was submitted to provide stamp duty concession for sub-lease agreements between the Railway Land Development Authority (RLDA), New Delhi and the Dharavi Redevelopment Project or the Slum Rehabilitation Authority (SRA), Mumbai.
The cabinet approved the inclusion of these documents under the stamp duty concession policy with the objective of accelerating the project, the statement said.
Among other decisions, the cabinet extended the deadline for availing loans from financial institutions -- Asian Development Bank (ADB) and New Development Bank (NDB) -- for
Mumbai Metro
Lines 2A (Dahisar East to D.N. Nagar), 2B (D.N. Nagar to Mandale), and Line 7 (Andheri East to Dahisar East).
A total loan amount of USD 1,075.74 million has been approved by ADB and NDB for these metro projects. Out of this, USD 549.25 million, equivalent to Rs 4,304.43 crore, has already been utilized. The Central Government had initially set a deadline of June 30, 2025, for raising the loan.
Metro Lines 2A and 7 have already become operational, while work on Metro Line 2B is progressing. A total of 96 metro trains were to be procured through the ADB loan, 60 of which have already been received.
With the loan deadline extended to December 31, 2026, the remaining 36 metro trains will also be procured under this arrangement.
Approval was also granted for the first phase (96.41 km) of the Virar-Alibag Multimodal Corridor to be developed under the 'Build, Operate and Transfer' model. The total length of the corridor is 126 km, and it passes through Vasai, Bhiwandi, Kalyan, Ambernath, Panvel, Uran, Pen and Alibag.
The project will improve connectivity between major highways including Mumbai-Pune Expressway, JNPT, Mumbai Trans Harbour link and upcoming Navi Mumbai International Airport. A provision of Rs 37,013 crore, including Rs 22,250 crore for land acquisition and Rs 14,763 crore towards interest, has been made.
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