Mumbai District Central Co-Op Bank To Receive Sion MHADA Land For 30-Yr Lease

The Mumbai District Central Cooperative Bank will now be allocated land in Sion, previously owned by the Maharashtra Housing and Area Development Authority (MHADA). This decision was approved during a state cabinet meeting held on Sunday, chaired by Chief Minister Eknath Shinde, offering significant relief to the bank.

Initially, the state government had planned to allocate land in Aarey Colony, where the Mumbai Veterinary College is located, for the construction of the cooperative building. However, opposition from local leaders led to the reversal of this decision. The state government has since decided to provide the Sion MHADA land instead.

The new land allocation involves leasing the Sion property to the Mumbai District Central Cooperative Bank for 30 years. Instead of the previously assessed value of Rs 24.23 crore, the land will be leased based on current market rates. The bank will also have the right to construct a commercial and business facility of approximately 2034.55 square meters on the site, with the land being transferred with ownership rights for the building construction.