Mumbai: The Mumbai Building Repairs and Reconstruction Board (MBRRB), an undertaking of the Maharashtra Housing and Area Development Authority (MHADA) will redevelop six buildings, on a pilot project basis.
These buildings are located in Prabhadevi, Mazgaon, NM Joshi Marg, Byculla. According to MHADA officials, the discussions have started with the tenants but only after they agree to MHADA's offer of 500 square feet, can the redevelopment project progress.
These 66 buildings were constructed by MHADA using funds from Rajiv Gandhi Nivara scheme, after it had razed 239 cessed buildings. The tenants were sold these houses under this scheme.
An official said, "Since the 66 buildings are now over 30 years old and in poor conditions, instead of carrying out repair works, the board is planning to redevelop them."
MBRRB is likely to incur a cost of Rs 400 crore. The new buildings will be of 42 to 50 storeys and global companies are likely to be invited to float tenders.
Interestingly, to make the project feasible, the board is considering to borrow money from few banks, while the remaining amount will be footed by MHADA. The MHADA says it will recover the project cost through selling lottery houses to other buyers.
Meanwhile, MHADA has plans to offer houses of at least 500 square feet to the tenants who are currently living in 180 sq ft houses.