Revamp of MHADA colonies gets fillip in new housing policy

MUMBAI: The new housing policy is expected to speed up the long-awaited redevelopment of the Maharashtra Housing and Area Development Authority (MHADA)-built colonies,

MUMBAI: The new housing policy is expected to speed up the long-awaited redevelopment of the Maharashtra Housing and Area Development Authority (MHADA)-built colonies, a project that has been stalled from the past six years. These colonies are located across Mumbai, with some of them being at prime locations.

HT Image

The state government has now proposed to grant FSI (floor space index) of 4 instead of 3 to those builders who construct affordable houses where the colonies are located.

The move means in plots of less than 2,000 square metre, builders have been given an option to utilise the existing 3 FSI and pay a premium or get an additional 1 FSI to construct affordable houses and hand them over to MHADA.

While releasing the new policy, chief minister Devendra Fadnavis said it was an incentive to those builders who wish to assist the state to generate affordable houses. He said the move will give relief to lakhs of MHADA colonies’ residents.

Builders, too, have welcomed the policy. According to Rajesh Vardhan, managing director, Vardhman Group, it’s a win-win situation for all. “The existing residents will get bigger houses and for builders, the project will become viable. The government will get affordable houses,” said Vardhan.