Two years after the plan was first mooted, the Maharashtra Housing and Area Development Authority (Mhada) is all set to start its first cluster redevelopment project, at Tagore Nagar in Vikhroli.
The ambitious project covering 274 acres of prime land aims to rehabilitate 5,470 tenants residing in 65 old buildings, while generating an additional 22,945 low-cost houses which could be sold through the computerised lottery system.
Satish Gawai, vice president, Mhada, said, “We will call for competitive bids next month. Since Mhada is the landlord, it does not need the nod of the residents.” He said that the housing body has vacant land in the area, which would also be put to use for the project. “Our advantage is we have both the technological as well the financial expertise to undertake the project of this scale,” he added.
However, according to local legislator Mangesh Sangle, there are many obstacles in undertaking the project. “We would like Mhada to compete with builders before bagging the project,” he said, adding that builders are offering up to 1,100 square feet area for the flat, along with a corpus fund of Rs10 lakh for each resident, and Mhada should match the offer.
Gavai said the authority is toying with the idea of a corpus fund.
The Tagore Nagar plan was mooted as the authority has hardly any plot left to construct affordable houses, which is its mandate. A study for Mhada by Liasas Foras, a real estate research firm, had indicated that redevelopment of colonies would result in generation of lakhs of houses for the housing body.
“Since Mhada is the landlord, it has to use its power to get such low-cost houses as it is the only hope of lakhs of homebuyers,” said Pankaj Kapoor, CEO, Liasas Foras.