The state housing agency’s plan to construct a posh residential enclave on a 4-acre plot at the Bandra-Kurla Complex (BKC) has now been approved.
The Maharashtra Housing and Area Development Authority’s (Mhada) plan, pending since 2012, will bring several high-income group flats to the market. The housing agency has not built HIG tenements in recent times in the city owing to land crunch.
The state’s urban development on Wednesday issued a final notification, modifying the use of this plot of land from commercial to residential. The modification was pending as it needed a go-ahead from the Mumbai Metropolitan Region Development Authority (MMRDA), the planning agency for the BKC. “The land use change was required as Mhada wants to build high-end residential towers to generate funds and cross-subsidise construction of low-income group houses elsewhere in the city and the MMR,” said an official.
The agency is planning to build two 17-storey towers on this plot and hopes to woo corporates and bankers working in BKC to invest in the project. The towers will have 2-, 3- and even 4-BHK flats. The market rates at BKC currently hover above Rs35,000 a sq ft.
The premium residential complex is in tandem with the state’s plan to transform BKC into an international finance centre. An essential part of the IFC will be to have premium residential towers at BKC that will provide walk to work facility.