Buta Nivas, a mega chawl complex of the British era in Matunga, is all set to be redeveloped. In a a big ticket deal Happy Home developers of Naresh Chheda has entered into a deal with the landlords, the Butas, and it has been endorsed by 80 % of the 159 tenants.
The building is located in a prime location on the arterial Babasaheb Ambedkar Road within walking distance of Matunga railway station and Maheshwari Udyan. An interesting aspect of this development is that the neighbouring Sriji Niketan building is also being taken up simultaneously for redevelopment. Incidentally, actress Vidya Sinha had spent her childhood in this old building.
Buta Nivas consists of three two-storeyed buildings in a plot measuring about 3,600 sq mtrs. Each of the tenament in building numbers one and two is about 275 sq ft and the ones in building number three measure 300 sq ft. Each of the tenants will now get carpet area of 500 sq ft self-contained flats.
The going rate for residential premises is on the average Rs 70, 000 per sq ft. in the area.
The redevelopment proposal is now being processed by MHADA. Happy Home has successfully undertaken several redevelopment projects in Matunga and that was one of the reasons which persuaded the Butas to enter into a deal with it.
Meanwhile, Goshar Alliance is completing a mega redevelopment at Shanti Niketan diagonally opposite Buta Nivas. Godrej Properties is redeveloping a large project at at Agarwal Nagar also on Ambedkar Road in Matunga. However, the redevelopment of two other large buildings, Kapol Niwas and Ganesh Baug, nearby is yet to take off.
