Maharashtra government signs MoU with Korean Agency
Mumbai: After signing a Memorandum of Understanding (MoU) with Korean Land & Housing Corporation recently, the Maharashtra government is now planning to redevelop the 93-acre Bandra government colony with the help of KLHC. The pact inked by the state government aims to build a strategic partnership for smart cities, roads and bridges.
According to a senior state public works department official, the government is working out modalities for the revamping of the crumbling government colony which is located opposite the plush Bandra-Kurla Complex.
The Korean Land and Housing Corporation was established in 1962 and has been focusing on creation of housing stocks, rental housing, planning of new towns and industrial clusters in South Korea.
“KLHC has expertise in rental housing, housing for sale, townships, etc, so they will guide in preparing a detailed plan for execution. If this goes through, it will help in creating a concept plan on how best use large land parcels in Mumbai and outside,” the official said requesting anonymity.
The official added that the Corporation will construct government buildings and a portion of the land parcel will also be commercially exploited.
KLHC has earlier assisted Maharashtra State Road Development Corporation for the feasibility study of creating smart cities along the 95-km Mumbai Pune Expressway. The Corporation will now be assisting the state government in setting up 24 townships along the 706-km Mumbai-Nagpur Expressway or the Maharashtra Prosperity Corridor.
The redevelopment of the Bandra government colony was first approved in 2009 by the Congress-Nationalist Congress Party government, but it never took off due to several hurdles. The government had appointed three developers—Ackruti City, DB Realty and Kakade Developers to redevelop the colony, but subsequently the plan fell through.