India, June 13 -- In a move set to reshape one of Mumbai's most historic and controversial neighbourhoods, the Maharashtra Housing and Area Development Authority (MHADA) has floated a long-awaited tender for the redevelopment of Kamathipura. The tender, issued under the construction and development model, could unlock nearly 6.1 million square feet of prime real estate for free sale-estimated by industry experts to have a revenue potential of Rs.30,000 crore.

The project, to be executed through MHADA's Mumbai Building Repairs and Reconstruction Board, grants the winning bidder rights to develop over 5.67 lakh square metres while mandating rehabilitation of current residents and the handover of 44,000 square metres to MHADA for public hou...