The Maharashtra Housing Area Development Authority (MHADA) has sought grants from the Central Government under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) for aiding it in its first of its kind re-development project for cessed buildings in the city.
The project outlays re-development of 5,000 cessed buildings at an estimated cost of Rs 5,000 crore in a span of 10 years. The move will benefit over one lakh families living in these buildings that have outlived their age.
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The Maharashtra Housing Area Development Authority (MHADA) has sought grants from the Central Government under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) for aiding it in its first of its kind re-development project for cessed buildings in the city.
The project outlays re-development of 5,000 cessed buildings at an estimated cost of Rs 5,000 crore in a span of 10 years. The move will benefit over one lakh families living in these buildings that have outlived their age.
1 Comment
Tell a friend
Bury
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This sounds good at first glance.. instead of taxing mumbaikars further MHADA is actually trying to get the central goverment to cough up the required money (a large percentage of which has been contributed by mumbaikars themselves).
The question is whether the central goverment will oblige.. or whether it will take the easy way out and ask MHADA to take loan from World bank. (in which case mumbaikars can expect more taxes)
Also its success might depend on too many political permutations and combinations.. what if the party at the central goverment is different from the party forming the state goverment..
Then again consider that the plan initially thinks about a 10 year span..and in reality it might stretch to 20 years, in other words 4 elections..
Will it then make more sense for MHADA to tie up with private builders for the re-development, at least they might re-develop the area faster or pay out the tenants for moving out and develop high-rises/malls/retail/office space?