Mumbai: The Slum Rehabilitation Authority (SRA) has taken a major step to revive 10 of its long-stalled projects through a special group of financially strong developers. These projects, located in prime areas like Jogeshwari, Andheri, Bhandup, and Vikhroli, will now be completed with the help of selected 30 developers who have been invited to submit tenders.
SRA is not only expecting these developers to complete the projects but is also seeking a share in the sellable component of the redevelopment. Developers who offer a higher share of profit to SRA through the tender process will be given priority in project allotment.
According to the tender conditions, developers must complete the projects within three years of the tender being awarded. Before starting work, they are required to pay two years’ worth of rent to the existing residents, and deposit a cheque for one year’s rent with the SRA.
How 30 developers selected:
Over the years, many SRA projects were stalled due to financial constraints faced by numerous builders. To tackle this, SRA compiled a list of 30 financially stable developers capable of completing projects without delays. These builders have been categorized into three tiers based on their financial and operational strength first list comprises 15 developers, second has nine and third categoy having six developers.
The list was submitted to the Housing Department, and after receiving approval, SRA has now launched the tendering process.
What’s Changed?
Traditionally, SRA projects involved providing land to developers free of cost. In return, developers were required to construct free homes for slum dwellers, without SRA receiving any share from the sellable portion of the project.
For the first time, however, SRA has demanded a share in the sellable component for these 10 key projects located in Mumbai’s prime areas. Through these projects, the SRA plans to rehabilitate approximately 12,560 families, as per SRA official.
It’s worth noting that out of all SRA initiatives, 517 projects remain stalled due to various issues.
