HomeDaily NewsDNA: MHADA earns Rs 99-cr premium for five NOCs!

DNA: MHADA earns Rs 99-cr premium for five NOCs!

Over Rs  99 crore premium five No Objection Certificates (NOC)! Yes, you read right. The Maharashtra Housing and Area Development Authority (MHADA) earned over Rs 99 crore as premium from only five buildings to which it gave NOCs for carrying out redevelopment.

Confirming the same, a senior MHADA official, who looks into redevelopment proposals said, “Till now we have given NOC for four to five projects and have received a premium of over Rs 99 crore.”

Within months of being appointed as the planning authority, MHADA had received 107 proposals from various MHADA buildings located in its layout seeking redevelopment. Of these, more than 47 proposals have received approval. Of the proposals received, around half-a-dozen are self-redevelopment proposals.

In 2010, MHADA changed its policy of giving NOC to only those buildings, which agreed to give housing stock in return. The decision brought redevelopment activities almost come to a standstill. Later, there was a change in the policy where the government allowed housing stock in certain cases and premium in other cases for giving NOC. This helped, as the authority started receiving redevelopment proposals again.

Another senior MHADA official said, “With a change in policy and MHADA becoming the planning authority, redevelopment process will be on fast track. It also means a lot of profit for the housing authority.”

The six self-redevelopment buildings are located at Ghatkopar, Mulund, Bandra and other areas. Currently, there are around 2.10 lakh people residing in the 114 layouts of MHADA in the city. If all of them are redeveloped, apart from the 2.10 lakh rehab homes, lakhs of homes, that can be sold in the market, will be generated.

Most of the buildings are in a dilapidated condition; redevelopment process of these buildings was stuck at various levels. Now with approvals being granted, it is expected that redevelopment will be on fast track.

Earlier this year, the government allowed MHADA to become the planning authority for the 56 colonies of its 114 layouts and also for the homes to be constructed under the Pradhan Mantri Awas Yojana (PMAY urban). According to MHADA, since the time of appointment, they have formed various cells that are active from the body’s office in Bandra, east.

FAST TRACK

  • The state government accorded Mhada the status of planning authority on May 23
  • Making Mhada a nodal agency is expected to speed up redevelopment process of 114 Mhada layouts across city and cut down red-tapeism