Mhada to float tenders to redevelop Motilal Nagar
The Maharashtra Housing and Area Development Authority (Mhada) is all set to undertake a massive redevelopment project at Motilal Nagar in Goregaon. Spread across 128 acres, the revamp is expected to cost approximately ₹5,000 crore.
The project involves the rehabilitation of 3,628 families into bigger houses and will also generate approximately 18,000 affordable homes.
According to Mhada Mumbai board president MadhuChavan, the project will result in a surge of affordable houses in the area. “We have already appointed a project management consultant [PMC] who will prepare a detailed report and roadmap for the project. After that we will float tenders in the next two months,” said Chavan.
“We will bag a large stock of affordable houses which will then be sold through Mhada’s computerised lottery system.”
The existing tenants currently residing in smaller houses are expected to get new homes in the size range of 1,200 square feet.
Residents seem happy with the new development.
“We would prefer Mhada to undertake this project rather than any private builder. The track record of private builders is bad as they tend to cheat the existing tenants and leave them in the lurch,” said YuvrajMohite, president, Motilal Nagar VikasSamiti.
However, he said the final nod from the residents will come after Mhada proposes a detailed offer. “This plan is in the primary stage and we need to study the offer. There will be negotiations and this project will move forward only when both parties agree to the agreement,” Mohite added.
Motilal Nagar was built in 1960 to house people belonging to the economically-weak sections. Though it has 200-sqft houses, many have extended their rooms owing to paucity of space.
In the last few years, several builders such as RNA, HDIL and Vichare have been offering redevelopment proposals to the residents. With an assured profit of at least ₹ 4,000 crore, builders have been offering tenants 1,500-sqft houses with ₹11 lakh as corpus fund.
Previously, LiasesForas, the real estate research firm which conducted a detailed study of Mhada land, had suggested that the housing board should themselves revamp their properties as this was one of the major ways to generate affordable houses.