Mumbai property: Maharashtra govt moves to help 5,289 societies
The government will soon amend the MHADA Act to incorporate provision for the termination of a contractor who is unable to complete the redevelopment of MHADA buildings in the set time frame and puts residents at discomfort.
The government has initiated the process to bring in the redevelopment of Maharashtra Housing & Area Development Authority (MHADA) buildings under the jurisdiction of Maharashtra Real Estate Regulatory Authority (MahaRERA) making it mandatory for the developer to complete it in a time-bound manner. Officials from the state housing department and MHADA have already held discussions with MahaRERA Chairman Gautam Chatterjee and the draft for the initiative is being prepared.
Besides, the government will soon amend the MHADA Act to incorporate provision for the termination of a contractor who is unable to complete the redevelopment of MHADA buildings in the set time frame and puts residents at discomfort.
The government’s move will benefit the majority of the 5,289 societies situated in 104 MHADA layouts in Greater Mumbai. These buildings have a total of 2.25 lakh tenements of which about 65 per cent desperately await redevelopment.
State housing minister Prakash Mehta told DNA, “Redevelopment is getting impacted due to developer delay. After redevelopment comes under the purview of MahaRERA, it will be binding on the developer to complete it within a set time frame. The developer is not accountable for delays under the MHADA Act. However, by covering rehabilitation in MahaRERA’s purview, residents will benefit the most.”
Mehta said the government will invite a global tender for the redevelopment of Dharavi. The redevelopment will be carried out by a special purpose vehicle comprising 51 per cent held by the state government and 49 per cent by private sector company. There are 55,000 families as per government estimates who are eligible for new houses after redevelopment.
The minister said the Dharavi redevelopment project entails an investment of Rs 25,000 crore. “The government will provide 4 FSI, carve out industry zone in the proposed redevelopment and offer tax concessions. The necessary clearances including the approval from the ministry of environment will be done through single window system,” he noted.
Source: DNA India