Abhyudaya Nagar’s redevelopment gets rolling

Mhada bids to redevelop Abhyudaya Nagar, offering 55% housing for sale. Residents get larger homes, relocation aid; bids due by Nov 21.

Mumbai: Seven months after approving cluster redevelopment in Abhyudaya Nagar at Kalachowki, the Maharashtra Housing and Area Development Authority (Mhada) has floated a bid to revamp the more than six-decade-old colony of 48 three- and four-storey buildings spread across 33 acres.

Abhyudaya Nagar’s redevelopment gets rolling

The winning developer will receive 55% of the housing stock for sale in the open market. The remaining 45% will comprise rehabilitation homes and Mhada’s share of units, which will be sold through a housing lottery at a later stage.

Abhyudaya Nagar, built by Mhada in the 1960s, has around 3,410 eligible tenements, 3,335 of which are residential and 75 commercial. The complex also includes slum settlements, whose residents will be rehabilitated.

According to project documents seen by HT, residents of 3,283 homes with a carpet area of 208 sq ft will receive units measuring a minimum of 635 sq ft. Residents of 36 tenements measuring 192 sq ft will get 622 sq ft homes. Those living in eight homes currently measuring 486 sq ft will get 1,199 sq ft units, while those in eight 315 sq ft units will get 777 sq ft homes. Each of the 3,335 tenements will also get a parking space.

In the case of commercial units, 67 owners with units of 208 sq ft carpet area will get 355 sq ft units, and the remaining eight measuring 1,503 sq ft will get 2,555 sq ft. A corpus fund of ₹5 lakh will also be provided to residential and commercial space owners.

The slum dwellers will get a minimum rent of ₹10,000 and a corpus fund of a minimum ₹40,000 per eligible family, apart from homes as per the existing regulations. Project documents accessed by HT showed that the estimated carpet area of the amenities in the layout will be 30,925 sq ft.

A tripartite agreement will be signed between housing societies, Mhada and the developer. Once the project is ready, leasehold rights will be transferred to the purchasers and cooperative housing societies.

“The developer will have to prepare a master plan and create the project in a phased manner,” said a Mhada official. “Over and above the existing built-up area, an FSI of up to 3 will be given to the developer. The sharing of fourth FSI will be as per the financial bid submitted by the developer.”

The last day for developers to submit their bid is November 21. The bids will be opened the following day. Only those developers who have executed two projects with a minimum total FSI area of 249,000 sq m or four large projects with a minimum total FSI area of 311,000 sq m or six large projects of 373,000 sq m will be allowed to participate in the bid.