MHADA’s Mumbai Board earns ₹100 Cr by sanctioning five redevelopment projects

In the last few months, MHADA’s Mumbai Board received 107 projects which are in need of redevelopment, of which 49 projects have been sanctioned

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Maharashtra Housing and Area Development Authority’s (MHADA) Mumbai Board recently earned premium worth ₹100 Cr after sanctioning five redevelopment projects. According to MHADA’s senior official, MHADA’s Mumbai Board is yet to sanction 40 redevelopment projects. It is believed that this move is going to be profitable for the board.   

Meanwhile, since September 2010, redevelopment of MHADA’s dilapidated buildings was stalled. MHADA made changes in redevelopment policy and decided to give housing stock to the builders. However, this move did not go well with builders and they stopped redeveloping projects. Seeing stalled redeveloped projects, MHADA again changed its policy and decided to give premium to the developers.

Also Read: Union Minister Nitin Gadkari Inaugurates Two Flotels Along With Other Projects Under Mumbai Port Trust

After MHADA changed its policy, builders and societies came forward for redevelopment projects. Likewise, in the last few months, MHADA’s Mumbai Board received 107 projects which are in need of redevelopment. Of 107, Mumbai Board sanctioned 49 projects by accepting the premium.

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