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

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