MHADA approves redevelopment of old buildings in Mumbai
Real Estate

MHADA approves redevelopment of old buildings in Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has approved the redevelopment of old buildings for increasing revenue levels from fees and premiums from April to August 2021.

The agency has collected Rs 1,171.86 crore from this process, against Rs 261.38 crore during the same period last year.

Since the beginning of the Covid-19 pandemic, MHADA has collected more than Rs 1,433 crore as a total revenue collection from housing agencies. From April 2020 and August 2021, MHADA has approved 193 redevelopment projects, compared to 162 projects between 2017-2020.

According to MHADA officials, the fast approvals and 50% discount on premiums offered by the state government has helped the builders, and it was a reason behind the push for redevelopment.

Builders pay a premium to MHADA for getting more construction space and concession in rules of having large open spaces and staircases.

Minister of Housing Jitendra Awhad said that he was pushing fast redevelopment of oil and dilapidated MHADA-led buildings and the agency asked to issue an offer letter in a time-bound way.

He added that the agency had cleared many stalled projects and had given out offer letters, making way for many redevelopment projects, including Patra Chawl, Chikhalwadi, Motilal Nagar and BDD chawls. People living in old buildings will get new homes due to the fast-track redevelopment approvals.

There are nearly 14,000 old buildings in the city, and many require a quick redevelopment.

Image Source

Also read: MHADA approves redevelopment of Old Chikhalwadi chawl in Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has approved the redevelopment of old buildings for increasing revenue levels from fees and premiums from April to August 2021. The agency has collected Rs 1,171.86 crore from this process, against Rs 261.38 crore during the same period last year. Since the beginning of the Covid-19 pandemic, MHADA has collected more than Rs 1,433 crore as a total revenue collection from housing agencies. From April 2020 and August 2021, MHADA has approved 193 redevelopment projects, compared to 162 projects between 2017-2020. According to MHADA officials, the fast approvals and 50% discount on premiums offered by the state government has helped the builders, and it was a reason behind the push for redevelopment. Builders pay a premium to MHADA for getting more construction space and concession in rules of having large open spaces and staircases. Minister of Housing Jitendra Awhad said that he was pushing fast redevelopment of oil and dilapidated MHADA-led buildings and the agency asked to issue an offer letter in a time-bound way. He added that the agency had cleared many stalled projects and had given out offer letters, making way for many redevelopment projects, including Patra Chawl, Chikhalwadi, Motilal Nagar and BDD chawls. People living in old buildings will get new homes due to the fast-track redevelopment approvals. There are nearly 14,000 old buildings in the city, and many require a quick redevelopment. Image Source Also read: MHADA approves redevelopment of Old Chikhalwadi chawl in Mumbai

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?