In a move that will clear pending redevelopment proposals of nearly 104 Maharashtra Housing and Area Development (Mhada) colonies in the city and increase housing stock for all, the state's urban development department has rationalised guidelines for this redevelopment.
The redevelopment of many of these colonies is stuck in tedious negotiations and squabbles between tenants and developers.
In a bid to put a stop to this, the notification issued by UDD this month has offered bigger rehabilitation areas for tenants even though a cap has been put on maximum eligible area to put an end to unending bargaining.
The new guidelines have also hiked the overall Floor Space Index (FSI) for all MHADA projects from 2.5 to 3.
Tenants will now be entitled to 35 per cent more area over and above the existing carpet area. If tenants opt for cluster redevelopment like model of a larger layout, then they could get larger area as incentive to the tune of 15 to 45 per cent more.
The developer's incentive built up area has been linked to market value of land and cost of construction. Thus, incentive built up offered in the range of 40 to 70% is higher where land costs are less and vice versa.
The developer's incentive and MHADA's share in the surplus built-up area has been linked to market rates to make projects in lesser development pockets more viable.
The surplus remaining built-up area will be shared between MHADA and society, with the former getting the larger share in the range of 55% to 70%.