MHADA Earns Rs 324 Crore In Premium Since 2017

MHADA the states housing body has earned Rs 324.45 crore in premium from redevelopment proposals in Mumbai since 2017 till June 2020.

By Varun Singh

MHADA, the apex body for housing in the state has earned Rs 324.45 crore in the form of premium from Mumbai’s redevelopment projects.

This amount has been collected since 2017 till June 2020, confirmed a senior official from the MHADA.

MHADA was appointed as the planning authority in 2018 for its 114 layouts comprising of 56 colonies in Mumbai.

Earlier MHADA had a condition that whenever these buildings are redeveloped, they will have to provide the authority with housing stock.

However, the conditions were relaxed and in certain cases while housing stock remains, in most the NOC is given out on payment of a premium.

The highest amount of Rs 135.11 crore was collected in the financial year, 2018-19. The lowest being Rs 2.54 crore in the first six months of 2020, the pandemic and lockdown are the reasons for dip in revenue.

Since 2017 till June 2020, a total of 191 proposal of redevelopment reached the authority of which it has already given a nod to 118 such proposals.

13 proposals were sent back, while the remaining are in various stages of approvals.

MHADA receives proposals from the old dilapidated buildings from its 114 layouts, and grants them permission for redevelopment under DCR 33(5).

Housing industry expert says, “The figures would have gone much higher had situation been normal, but because of pandemic and lockdown not many came for seeking redevelopment permissions. Hopefully things will soon normalize for the redevelopment of MHADA layouts.”

During the financial year 2019-20 the authority earned Rs 103.94 crore, while between 2017-18 the housing body earned Rs 82.86 crore.

The authority has an online system where those interested in redevelopment of the buildings can apply and get permissions.