Mhada gives tainted SBM Realtors 5,000 cr redevelopment project
A builder whose credentials and track record are under a cloud has been allowed by the state housing authority, Mhada, to redevelop the 25-acre MHB Colony in Borivli (West) worth an estimated Rs 5,000 crore.
Mhada overrode objections of most residents of the residential enclave as well as a red flag raised by the housing minister in August following complaints against the builder, SBM Realtors.
Thirteen of the 19 societies have withdrawn their consent to the builder, complaining that the developer kept them hanging for 13 years. They had appointed the construction firm way back in 2006 and signed a development agreement in 2010. But work never commenced.