Since 2007, development of about 56 MHADA colonies, with 76,000 residents, was stalled owing to differences between MHADA and the developer over housing stock
Pic for representation
Now that the Maharashtra Housing and Area Development Authority (MHADA) finally has the powers of a planning authority, it has fast-tracked projects pending for as long as 10 years. Thanks to this, the housing agency has earned about R99 crore from premiums within a span of six months, by giving offer letters for redevelopment of 50-odd societies in the city. Another Rs 100 crore is expected to be flow in once MHADA approves 57 pending projects, revealed sources.
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Since 2007, development of about 56 MHADA colonies, with 76,000 residents, was stalled owing to differences between MHADA and the developer over housing stock. To resolve this issue, the government issued a new policy, under which a developer can pay a premium or give housing stock to MHADA.
Redevelopment for an area less than 2,000 sqm can be done at a premium with an FSI of 3, and if the scheme has 2,000 to 4,000 sqm, the builder will be granted FSI of 4, and will have to submit two-thirds of the housing stock to MHADA. If the land is bigger than 4,000 sqm, it will be treated as cluster redevelopment.
MHADA has so far received a total of 107 proposals, of which 50 have got the offer letter, and six have already received the NOC, which means work can start there. According to procedure, once the offer letter is given, the developer has to pay premium after which the developer gets an NOC to start work. Bhushan Desai, executive engineer, MHADA, said, "We are scrutinising proposals for redevelopment, and once the projects are verified, we issue them offer letters and they have to make the payment."
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