Mumbai: SRA asks slum project financers to become co-developers

According to an official, around 500 slum redevelopment projects are stuck in Mumbai.

Sweety AdimulamUpdated: Friday, June 03, 2022, 09:16 AM IST
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The Slum Rehabilitation Authority (SRA) in a bid to expedite stuck slum redevelopment projects has called upon all the project financers to become co-developers/colenders.

This means that the SRA wants to rejuvenate the stuck incomplete and abandoned slum projects of Mumbai. The move will facilitate the financers to recover the project cost by selling the saleable component along with completing the stuck projects.

The SRA has called an expression of interest calling all such financers to submit their applications within 45 days starting June 6 till July 21.

According to an official, around 500 slum redevelopment projects are stuck in Mumbai.

“With this move, the financers can get back the money, who were not getting anything since the developer of these projects either disappeared or were not doing anything,” said an official. The initiative will not only bring confidence but will also provide houses to slum dwellers who have been waiting for long, he added.

The official added these 500 schemes of SRA were stuck amid Covid and lack of funds. Now, when the situation is to normal, the SRA is making every effort to push these stuck-up projects.

“Several financing institutions were not known to SRA, therefore it was difficultto allow themto go ahead withthe stuck projects. Now, with the new decision, financers can become co-developer or colender with proper approvals from SRA,” he informed.

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