City developers ready to partner with Mhada

Private developers in the city have welcomed the move to ease the restrictions in the Coastal Regulation Zone (CRZ) areas and have expressed their readiness to partner with MHADA in the revamp process.

Private developers in the city have welcomed the move to ease the restrictions in the Coastal Regulation Zone (CRZ) areas and have expressed their readiness to partner with MHADA in the revamp process.

HT Image

Their contention is for years, there was virtually no redevelopment in these areas and this relaxation would at least kick-start the process besides creating low cost housing stock in the city.

The Maharashtra Chambers of Housing Industry (MCHI), the apex body of the developers, has called it a good start.

“We are happy that at least these areas would get redeveloped,” said Sunil Mantri, president, MCHI. “For years, residents of these areas were discriminated against, which would at least end now,” he added.

Another developer Rajesh Vardhan, Chairman, Vardhaman Builders who has currently four projects in South Mumbai said that developers are not averse to partnership with MHADA. “Apart from making profits, we would be happy to contribute to society by offering low cost houses to the citizens by this venture,” said Vardhan.

HT on Wednesday reported that the government had decided to make MHADA a nodal agency for housing projects in CRZ areas, making it mandatory for all developers to enter into joint venture with it if they wanted to build in the coastal area.

Real estate experts also welcomed the move calling it an excellent opportunity to create affordable housing in the city. Pranay Vakil, Chairman, Knight Frank India Ltd said reverse tendering should be done while selecting private developers as partners. “The developer who promises to give maximum number of affordable flats to MHADA should be awarded the project. This would ensure maximum affordable units,” said Vakil.

However, environmentalists have debunked the theory of affordable houses as a ploy by the builder lobby to get concessions.