For the betterment of thousands of poor slum dwellers, the Delhi Development Authority (DDA) in a recent move has awarded its first slum redevelopment project worth Rs. 500 crore to Raheja Developers and the initiative may see more slum projects in the national capital going for redevelopment resulting in improved living conditions for urban poor besides, a brisk business for builders.

According to sources, the DDA has awarded 13 acres project at Kathputli Colony near Shadipur in West Delhi to Raheja Developers, a local builder, for Rs. 6.11 crore. As per the norms, the builder pays only Rs. 6.11 crore the bid amount for the land but has to build 2,800 homes of 30 sq metre size each. In the bargain the builder gets 10 per cent of the total space for commercial exploitation.

It may be recalled that the DLF has recently sold 1,250 apartments in its Capital Greens project located in the vicinity of the Kathputli Colony at a rate of Rs. 5677 a sq ft indicating that the builder can make the most of the commercial space by building office space and shops including high end houses on the remaining portion of the space. The developer will have to create temporary accommodation for the slum dwellers at a piece of land close to the project site that will be given by the DDA in a month time. The builder is expected to build homes for slum dwellers within two years after the land allotted to him for temporary accommodation. The Chief Managing Director, Navin Raheja in a statement said that the project is a loss making proposition, but his company has taken it up as it is engaged in a social mission to help uplifting the living conditions of the urban poor.