Business EconomyPosted at: Jun 11 2026 5:35PM


Reliance 4IR Realty consortium bags Mumbai slum redevelopment project

Mumbai, June 11 (UNI) A consortium led by Reliance 4IR Realty Development Limited which is a subsidiary of the Mukesh Ambani-led Reliance Industries Ltd (RIL) has emerged as the highest bidder for the cluster redevelopment of the 101-acre Juhu slum corridor, according to official sources.
"The tender attracted participation from three leading corporate groups. Following a transparent and competitive bidding process, a consortium led by Reliance 4IR Realty Development Ltd, which is a subsidiary of Reliance Industries, emerged as the successful bidder," Slum Rehabilitation Authority (SRA) CEO Mahindra Kalyankar said.
Reliance 4IR Realty Development Limited made the highest bid in a consortium with Mahadev Realtors Juhu Pvt Ltd, which is a subsidiary of Aspect Realty. The consortium offered to pay the highest 35.10percent premium to Slum Rehabilitation Authority (SRA), which is 10% above the regular premium of 25percent.
The massive urban renewal initiative, known as the Juhu Galli SRA scheme, stretches from Juhu Galli on C D Barfiwala Road to the backyard of Hansraj Morarji Public School in Andheri. The entire project footprint spans 101.36 acres, of which 61.4 acres consist of slum areas identified for redevelopment under the project framework.
Reliance's entry into the real estate redevelopment sector indicates a move to be present in the integrated smart-city infrastructure. Other bidders who had participated in the competitive bidding process for the Juhu slum redevelopment project, are the Shapoorji Pallonji Group and the JSW Group.
SRA officials stated that the Maharashtra state government's high powered committee (HPC) has approved Reliance's technical and financial bid and accordingly, the state government will now issue a Letter of Award (LoA) to the Reliance-backed consortium. The consortium will pay around Rs 180 crore pending rent to tenants as well as two years of advance rent, which is around Rs 750 crore.
According to SRA officials, developers usually pay 25% of the ready reckoner (RR) rate of the plot to be developed as premium to the SRA, in SRA schemes. As far as the Juhu slum redevelopment scheme is concerned, Reliance 4IR Realty Development Ltd will pay 35.10%, which is the highest among the three bidders.
"As part of the stringent financial safeguards incorporated into the tender conditions, successful bidders are required to secure pending transit rent of slum dwellers along with a cumulative transit rent commitment of approximately Rs 750 crore for the next two years with Slum Redevelopment Authority (SRA). A further one year's transit rent also has to be deposited in the form of post-dated cheques with the SRA, to ensure uninterrupted rental support to eligible residents during the rehabilitation and construction period. The successful bidder is also required to submit a performance guarantee amounting to Rs 100 crore with SRA," Kalyankar said.
The Juhu slum cluster redevelopment project is expected to result in the construction of more than 28,000 rehabilitation homes for eligible slum dwellers as well as unlock large slum clusters which were difficult to redevelop under conventional rehabilitation models. UNI BA SAS
Please log in to get detailed story.
Tags: #Reliance 4IR Realty consortium bags Mumbai slum redevelopment project
More News

Dubai-based Flour Masters International to set up food processing unit in AP

21 Jul 2026 | 9:34 PM

Vijayawada, July 21 (UNI) The Andhra Pradesh Economic Development Board (AP EDB) has signed a Memorandum of Understanding (MoU) with the UAE Food Cluster to promote investments, trade and exports in the food processing sector.

see more..

IITM 2026 to showcase 1,000-plus destinations in Bengaluru

21 Jul 2026 | 8:48 PM

Bengaluru, July 21 (UNI) India's travel and tourism industry will converge in Bengaluru this week as the 26th edition of the India International Travel Mart (IITM) 2026 opens here from July 23 to 25, bringing together hundreds of exhibitors, tourism boards, airlines, hospitality brands and travel companies from across India and overseas in one of the country's biggest travel trade gatherings.

see more..

Adani Energy Solutions Q1 FY27 profit more than doubles to Rs 1,149 crore

21 Jul 2026 | 8:30 PM

Mumbai, Jul 21 (UNI) Adani Energy Solutions Limited (AESL) officially informed the stock exchanges through a regulatory filing on Tuesday that it has reported a strong financial performance for the first quarter (Q1) of FY 2026-27, with its consolidated net profit more than doubling to Rs 1,149 crore for the quarter ended June 30, 2026, as compared to its Rs 513 crore net profit in the corresponding quarter of the previous financial year. .

see more..

AI beyond chatbots: Startups tackle wealth, energy and logistics

21 Jul 2026 | 8:16 PM

Bengaluru, July 21 (UNI) Indian startups are increasingly moving beyond consumer-facing applications of artificial intelligence and deep technology to address complex challenges across finance, logistics, energy and daily life, with five ventures showcasing specialised solutions at Antler India's startup showcase here on Tuesday.

see more..

Canara Bank nominee to receive ₹46 lakh insurance payout under Premium Payroll Account

21 Jul 2026 | 8:07 PM

Hyderabad, July 21 (UNI) Canara Bank has extended insurance benefits worth ₹46 lakh to the nominee of a Premium Payroll Account holder who died in an accident, highlighting the financial protection offered under the bank's payroll banking scheme.

see more..