The government of the state of Maharashtra, which controls Mumbai, has invited expressions of interest from the world’s developers to redevelop the area that contains Asia’s largest slum and rehouse its 600,000 inhabitants. Financial Times

The six-to-seven-year project would aim to transform the Dhavari, a former fishing village, into a modern business district equivalent in area to the central business district in southern Mumbai.

The government will split the 144 ha site into five parcels of land to be auctioned to developers or consortia of investors.

The project is expected to comprise 30m sq ft of new developments for the slum dwellers, 20m sq ft of luxury homes, and 20m sq ft of other commercial development. The government estimates the total cost at $2.3bn.