MUMBAI, June 14 -- In just seven years, South Mumbai will trade one of its most atmospheric neighbourhoods for a modern township of super-tall skyscrapers, a four-lane elevated road and state-of-the-art amenities. There's this and more in the master plan for Kamathipura, whose redevelopment kicked off on Thursday as the Maharashtra Housing and Area Development Authority (MHADA) floated tenders for its renewal. According to the master plan approved by MHADA, the special planning authority for the Kamathipura redevelopment project, the cluster redevelopment will take place on 34 acres, offering more than 1 million square metres for redevelopment. Kamathipura has been divided into six sectors each, for the rehabilitation and sale components. Four buildings of 50 storeys each will be constructed as the rehabilitation component, while three buildings of 69 storeys each will be developed as the sale component, said a senior MHADA official. The township will be future-ready, with a four-lane elevated bridge connecting the nearby JJ Junction flyover with the Haji Ali Junction. The bridge, to be built along Bellasis Road, will be constructed by the Brihanmumbai Municipal Corporation (BMC) but its cost will be borne by the construction and development agency (C&DA). "C&DA shall pay MHADA, Rs.350 crore in four equal annual instalments, starting from issuance of the first commencement certificate. MHADA shall pay BMC Rs.350 crore (inclusive of GST) for construction of the four-lane elevated bridge from JJ Junction bridge to Haji Ali Junction on Bellasis Road," states the tender document published on the MHADA portal on Friday. The agency, which will be appointed through competitive bidding, must complete the project in seven years from the date of commencement of construction. The tender also states that the agency will have to develop rehabilitation components for tenants and landowners, a MHADA premises, an area designated for the BMC, a sale component and amenities. According to the masterplan, the entire floor space index (FSI) will be consumed in-situ, and any transferable development rights generated will not be sold outside the precinct. The area available for construction will be 10.79 lakh square metres. This includes 4,13,930.99sq m of built-up area for the rehabilitation component, which includes fungible area, 98,104.79sq m of built-up area for landowners, and 5,67,595.81sq m of built-up area as the saleable component. It is mandatory for the agency to get consent from 50% of the tenants and 70% of the land owners. "The rest of the land areas shall be acquired by MHADA and the cost of which shall be paid by the C&DA under land pooling," the tender document states. Apart from a 499-sq ft tenement, each eligible tenant will receive Rs.25,000 per month as rent to be paid by the C&DA. The agency will also have to pay a one-time sum of Rs.25,000 for shifting purposes. The rent will be paid by C&DA till the tenants are given possession of their units in the rehabilitation buildings. Each eligible tenant will receive two years' rent in advance, and a year's rent in post-dated cheques. In addition, a corpus fund of Rs.5,00,000 will be deposited in the housing society's account against each tenement, immediately after obtaining an occupation certificate, the document adds....