By next month, the Maharashtra Housing and Area Development Authority (MHADA) will float tenders to implement its first cluster redevelopment project that will give the housing board, which is grappling with a shrinking land bank in Mumbai, around 8,000 houses in Tagore Nagar, Vikhroli.
The housing board plans to implement the redevelopment project in joint venture with a developer and is in the process of finalizing the tender documents. As per the tentative plan, the housing stock over and above the number of houses required for rehabilitation of existing families will be shared between MHADA and the developer in 7:3 ratio.
“We will decide on a nominal price required to be paid to the developer to get possession of MHADA’s share of the stock. The 7:3 sharing clause could change depending on how the project can add to Mumbai’s affordable housing stock while being financially viable for the developer,” a senior MHADA official said on the condition of anonymity.
“We are preparing to float the tenders next month once the documents get the state’s approval and by January the following year we can expect work at the site to begin,” the official said.
There MHADA colony at Tagore Nagar in Vikhroli is spread across 68 hectares with 69 four-storey buildings housing about 2,500 people, and 353 barracks that accommodate 2,966 people.
The redevelopment project would be limited to 22 hectares on which the 353 barracks are located and MHADA will rehabilitate the 2,966 people staying there by giving them 1 BHKs with a usable area of 45 square metres each. The families currently live in houses of about 17 square metres each.
“The reason we are not looking at including the colony buildings in the project is that many buildings are individually in the process of being redeveloped,” the MHADA official said.
The developer will have to ensure that the families that will have to undergo displacement are given a corpus fund of Rs 5 lakh each and transit accommodation, or a monthly rent of Rs 10,000 per month for the period of construction.