In a key move to fast-track the long-pending Dharavi Redevelopment Project (DRP), the Maharashtra Cabinet has approved stamp duty concessions on lease and sub-lease agreements signed by the project’s Special Purpose Vehicle (SPV) and allied agencies. The decision was made during a Cabinet meeting chaired by Chief Minister Devendra Fadnavis.

The redevelopment of Dharavi — one of Asia’s largest informal settlements — is being undertaken by Navbharat Mega Developers Pvt Ltd (NMDPL), a joint venture between Adani Properties Pvt Ltd (80%) and the Slum Rehabilitation Authority (SRA) (20%). NMDPL is acting as the lead implementation agency for the integrated redevelopment effort.

The state government had earlier declared the Dharavi project as both an Essential Urban Infrastructure Project and a Special Project, thereby making it eligible for financial concessions under existing policies. In line with this, a proposal was placed before the Cabinet seeking stamp duty relief for sub-lease agreements involving land owned by the Rail Land Development Authority (RLDA) and leased to either NMDPL or the SRA.

The Cabinet has now officially approved the inclusion of such lease agreements under the state’s stamp duty concession policy, aiming to reduce financial burden, lower transaction costs, and facilitate faster implementation. According to current rules, stamp duty on long-term leases (over 10 years) is 1%, while registration fees are capped at ₹30,000.

The RLDA is contributing approximately 45 acres of land for the project, and under tender conditions, the SPV is obligated to pay at least ₹2,800 crore for this land parcel.

A senior state official said the move is expected to streamline legal processes and accelerate the start of construction, which has faced repeated delays due to legal, financial, and procedural hurdles. The Dharavi Redevelopment Project spans 240 hectares and directly impacts nearly one million residents, making it one of the most ambitious urban renewal projects in the country.

The stamp duty relief is seen as a critical enabler in ensuring smoother execution of lease transactions and encouraging swift progress on the ground.

Also Read: Dharavi Redevelopment Tender Cancelled

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