Construction Industry News
The Maharashtra Housing and Area Development Authority (MHADA) has approved the redevelopment of old buildings for increasing fee and bounty revenue from April to August 2021.
The agency has collected Rs 1,171.86 crore from this process, up from Rs 261.38 crore in the same period last year.
Since the start of the Covid-19 pandemic, MHADA has collected more than Rs 1,433 crore as total revenue collection from housing agencies. From April 2020 to August 2021, MHADA approved 193 redevelopment projects, compared to 162 projects between 2017-2020.
According to MHADA officials, the rapid approvals and 50% discount on premiums offered by the state government helped builders, and it was one reason behind the push for redevelopment.
Builders pay a premium to MHADA for gaining more building space and concessions in rules for having wide open spaces and stairs.
Housing Minister Jitendra Awhad said he was pushing for rapid redevelopment of oil and dilapidated MHADA-led buildings and asked the agency for an offer letter in a time-bound manner.
He added that the agency had cleared many stalled projects and handed out offer letters, giving way to many redevelopment projects, including Patra Chawl, Chikhalwadi, Motilal Nagar and BDD chawls. People who live in old buildings are getting new homes because of the accelerated redevelopment approvals.
There are nearly 14,000 old buildings in the city, and many are in need of rapid redevelopment.
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