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Maharashtra to reallocate stuck slum projects to new builders
Real Estate

Maharashtra to reallocate stuck slum projects to new builders

30 Apr 2022 2 Min Read CW Team
Maharashtra is set to reallocate stuck slum redevelopment projects to new builders in a move that can potentially give relief to up to 40,000 families.

Nationalist Congress Party (India) (NCP) leader and minister Jitendra Awhad told the media that the Slum Rehabilitation Authority (SRA) has cancelled 520 such stalled projects. It would be handed over to new developers after evaluating their financial strength and commitment to take it to a logical end as an amnesty scheme.

Such builders have raised money from financial institutions and for such projects before disappearing and pegged the quantum of money, which is stuck at Rs 35,000 crore, Awhad said.

The minister is aware of builders who have not worked on projects for up to 10-15 years, studying for developers to hand over the project and attempting to make a quick buck.

Newer slum development for gaining floor space index (FSI) will also not be tolerated, which is adopted by many builders.

Awhad said that the state is looking at creating a 26-acre land parcel on which a slum stands in Colaba in South Mumbai and will be looking to collaborate with realty developers for the same.

The minister announced that developers redeveloping Mhada buildings will not have to pay stamp duty upfront and will now be able to pay the sum in a staggered way till the occupation certificate to a project is issued.

The government is keen to improve the pace of project clearance and is working on digitisation and automation to make the whole process free of human intervention in the next six months, Awhad said.

The NCP minister asked corporate entities like Tatas to come forward and create a modern hospital on a 9,000 sq m land plot held by the state government on which it aims to have a healthcare facility.

Image Source

Also read: SRA to launch amnesty scheme to revive 380 stalled slum projects
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Maharashtra is set to reallocate stuck slum redevelopment projects to new builders in a move that can potentially give relief to up to 40,000 families. Nationalist Congress Party (India) (NCP) leader and minister Jitendra Awhad told the media that the Slum Rehabilitation Authority (SRA) has cancelled 520 such stalled projects. It would be handed over to new developers after evaluating their financial strength and commitment to take it to a logical end as an amnesty scheme. Such builders have raised money from financial institutions and for such projects before disappearing and pegged the quantum of money, which is stuck at Rs 35,000 crore, Awhad said. The minister is aware of builders who have not worked on projects for up to 10-15 years, studying for developers to hand over the project and attempting to make a quick buck. Newer slum development for gaining floor space index (FSI) will also not be tolerated, which is adopted by many builders. Awhad said that the state is looking at creating a 26-acre land parcel on which a slum stands in Colaba in South Mumbai and will be looking to collaborate with realty developers for the same. The minister announced that developers redeveloping Mhada buildings will not have to pay stamp duty upfront and will now be able to pay the sum in a staggered way till the occupation certificate to a project is issued. The government is keen to improve the pace of project clearance and is working on digitisation and automation to make the whole process free of human intervention in the next six months, Awhad said. The NCP minister asked corporate entities like Tatas to come forward and create a modern hospital on a 9,000 sq m land plot held by the state government on which it aims to have a healthcare facility. Image Source Also read: SRA to launch amnesty scheme to revive 380 stalled slum projects

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