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Updated on: Friday, October 15, 2021, 03:13 AM IST

Mumbai: After 18 years of delay, Wadala hsg redvpt project to finally take off

Spread across 7.5 acres, the project offers 1.6 million sq.ft of saleable area to the developer
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After a delay of over 18 years, tenants of Azad Nagar CHS of Wadala will finally see their houses being redeveloped as early as next year. Godrej Properties Ltd, a leading developer has entered into an agreement to redevelop the said housing project spread across 7.5 acres of land parcel.

In fact, the said project will offer approximately 15 million sq. mts. (approximately 1.6 million square feet) of the saleable area comprising primarily residential apartments of various configurations. The project will take off next year.

Mohit Malhotra, MD & CEO, Godrej Properties said, "We are happy to add this important new project in Wadala. This marks our entry into an important micro-market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets. We will seek to ensure this project delivers an outstanding lifestyle for its existing and future residents."

The proposed redevelopment project was earlier supposed to be developed by East & West developers, a part of RNA Group. However, tenants were upset as the firm stopped the payment of rents since 2017. Following which after much opposition, in 2020 the redevelopment agreement with East & West developer was terminated by the Brihanmumbai Municipal Corporation (BMC). Residents also held a protest against the developer.

In 2006, BMC, the developer and the residents of Azad Nagar Chawl had signed a tripartite agreement. The project was to be developed under development Control Regulation DCR 33(7). In 2015, all 32 chawls of the ground structure comprising 320 tenants was demolished. From 2017, East & West developers stopped paying them rents.

Raj Bhanushali one of the tenants of this redevelopment project told the Free Press Journal, "Almost 60 per cent of the tenants today stay in rented houses and are paying for it from their own pockets. As the new developer has now been appointed with the required consent of tenants, we will be relieved once the project is completed."

According to Godrej Properties Ltd, the proposed redevelopment project land parcel is situated in a marquee residential location and is in very close proximity to Matunga Five Gardens. Moreover, with its strategic location, the project will enjoy excellent connectivity via rail, road, and monorail and will benefit from the significant social infrastructure present in the vicinity.

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Published on: Friday, October 15, 2021, 03:07 AM IST
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