Mhada To Have 4 Lakh Sqft Built-up Area in Siddharth Nagar Goregaon West Chawl Development
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- 24th Jun 2021
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The state cabinet decided on 23rd June 2021 that the Maharashtra Housing Area Development Authority will now be incharge of the development of Siddharth Nagar (Patra Chawl) at Goregaon West. As a metter of fact the real estate development in Siddharth Nagar on the patra chawl plot has been delayed by almost 10 years and this decision would come a welcome relief to all the 672 residents who have been suffering for so long.
The state cabinet has also taken a decision, as a one-time exception, of letting Mhada to sell these new development flats in Siddharth Nagar, Goregaon west at market prices.
This particular provision of allowing Mhada to sell these flats in Siddharth Nagar will assist Mhada to recover the cost it will incur in carrying out the redevelopment for the existing tenants. Mhada will have to raise the funds for the redevelopment by making provision for it in its budget.
How will this impact Kalpataru Radiance, Ekta Tripolis and The Luxor by Sangam Lifespaces?
It remains to seen as to how this major decision with regards to the Siddharth Nagar Patra Chawl redevelopment would affect the progress of new projects in Siddharth Nagar, Goregaon west including Kalpataru Radiance, Ekta Tripolis as well as Luxor by Sangam Lifespaces.
It remains to seen as to how this major decision with regards to the Siddharth Nagar Patra Chawl redevelopment would affect the progress of new projects in Siddharth Nagar, Goregaon west including Kalpataru Radiance, Ekta Tripolis as well as Luxor by Sangam Lifespaces.
More details:
MHADA will gather the funds for the Siddharth Nagar redevelopment by creating a provision for the same in its budget.
The Goregaon West Siddharth Nagar MHADA layout is on a massive 47 acres and currently only a small portion of the entire layout has been utilized to develop 3 buildings for the Ekta Housing Society owners and the people who won the MHADA lottery.
MHADA will gather the funds for the Siddharth Nagar redevelopment by creating a provision for the same in its budget.
The Goregaon West Siddharth Nagar MHADA layout is on a massive 47 acres and currently only a small portion of the entire layout has been utilized to develop 3 buildings for the Ekta Housing Society owners and the people who won the MHADA lottery.
The rough calculation is that MHADA will develop almost four lakh sq feet of built-up area in Siddharth Nagar Goregaon West. This humongous size of redevelopment and of course the permission to sell the 'Sale' component at the Goregaon west real estate market price means that this be MHADA's most profitable real estate development project.
MHADA will develop the balance land in Siddharth Nagar Goregaon West as a cluster development.
How did the Siddharth Nagar redevelopment decision come about?
The permission for the same came about after an initial report given by a committee recommending that MHADA itself carry out the Siddharth Nagar redevelopment. The good thing is that MHADA has also been intsructed to rehabilitate all of the 672 tenants and also fulfil the rental obligations due to them. Apart from the 672 tenants of the Siddharth Nagar patra chawl, around 306 MHADA lottery winners will also be getting their homes in Siddharth Nagar after the buildings are developed.
The tenants will also be receiving rent for the years that they have not been paid. Currently around 60% of the building work is to be completed. The redeveloped flats in Siddharth Nagar Goregaon west will most likely be handed over to the tenants in the next couple of years.
As per the committee’s recommendations, MHADA will need to appoint a committee that will consist of three MHADA representatives and two experts.
The above committee will calculate the amount of FSI consumed by the 9 property developers, the monies owed to MHADA, the construction cost, estimated revenue from the redevelopment project in Siddharth Nagar Goregaon west. This particular committee will also focus on ascertaining that MHADA does not ber any losses while due recoveries from the concerned real estate developers.
Also read:
How did the Siddharth Nagar redevelopment decision come about?
The permission for the same came about after an initial report given by a committee recommending that MHADA itself carry out the Siddharth Nagar redevelopment. The good thing is that MHADA has also been intsructed to rehabilitate all of the 672 tenants and also fulfil the rental obligations due to them. Apart from the 672 tenants of the Siddharth Nagar patra chawl, around 306 MHADA lottery winners will also be getting their homes in Siddharth Nagar after the buildings are developed.
The tenants will also be receiving rent for the years that they have not been paid. Currently around 60% of the building work is to be completed. The redeveloped flats in Siddharth Nagar Goregaon west will most likely be handed over to the tenants in the next couple of years.
As per the committee’s recommendations, MHADA will need to appoint a committee that will consist of three MHADA representatives and two experts.
The above committee will calculate the amount of FSI consumed by the 9 property developers, the monies owed to MHADA, the construction cost, estimated revenue from the redevelopment project in Siddharth Nagar Goregaon west. This particular committee will also focus on ascertaining that MHADA does not ber any losses while due recoveries from the concerned real estate developers.
Also read:
Why is Siddharth Nagar The Most Promising Real Estate Location in Goregaon West?
The Ultimate Guide to Goregaon West Real Estate
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