The signing of the agreements formally pushes the long-awaited GTB Nagar Group Redevelopment Project into its implementation phase, marking an important step in the redevelopment of the Sindhi refugee housing colony at Sion Koliwada.

Key Agreements Signed at MHADA Headquarters

The agreements were signed at MHADA’s headquarters in Bandra in the presence of senior officials and developers, including:

• Sanjeev Jaiswal, Vice President & Chief Executive Officer, MHADA
• Milind Borikar, Chief Officer, Mumbai Board, MHADA
• Boman Irani, Managing Director of Keystone Realtors (Rustomjee Group)

Along with the tripartite agreement, a Construction-cum-Development Agreement was also signed between MHADA and the Construction & Development Agency.

MHADA’s First Redevelopment Project on Private Land

The project is particularly significant as it marks the first redevelopment project undertaken by MHADA on private land under the Construction & Development (C&D) Agency model.

After receiving approval from the Government of Maharashtra and completing the agreement process, the project will now move into the execution phase.

3 High-Rise Towers for 1,200 Beneficiaries

Under the redevelopment plan:

• Three residential towers ranging from 39 to 48 storeys will be constructed
• Around 1,200 eligible residents will be rehabilitated
• Each beneficiary will receive a free 635 sq. ft. self-contained apartment

The redevelopment will be carried out under Development Control Regulation 33(9), with a minimum FSI of 4.5 (including fungible FSI) permitted for the project.

The buildings will be developed as a gated residential community featuring multi-level basement and podium parking.

Rent Compensation and Post-Completion Maintenance

Residents affected by the redevelopment will receive monthly rent compensation of ₹20,000 once the Commencement Certificate (CC) is issued by the competent authority.

After completion of the project, MHADA will maintain and manage the buildings for five years, ensuring smooth operations for residents during the initial phase.

Lifestyle Amenities Planned in the Project

The redevelopment will include a wide range of modern amenities designed to improve residents’ quality of life, including:

• Fully equipped gymnasium
• Indoor games zone
• Yoga and multifunction studio
• Children’s play area
• Library
• 4,000 sq ft banquet hall with kitchen

The project will also feature landscaped open spaces, including an E-deck level garden and a landscaped entrance area.

Modern Construction Technology for Safety

The towers will be constructed using aluminium formwork technology, which enhances structural strength, durability, and construction speed.

The design incorporates:

• Wind velocity considerations
• Seismic safety standards
• Advanced fire safety systems
• Efficient electrical and plumbing infrastructure
• Modern lift and vertical transportation systems

Redevelopment of a Historic Sindhi Refugee Colony

The GTB Nagar colony, spread across 11.20 acres, originally consisted of 25 buildings housing about 1,200 tenements.

In 2020, the buildings were declared dangerous by the Municipal Corporation of Greater Mumbai (MCGM) and were subsequently demolished, forcing residents to relocate.

Following demands from residents, the state government decided to implement the redevelopment through MHADA, even though the land is privately owned.

Government Support and Policy Approval

The policy framework for the redevelopment was finalised under the guidance of Devendra Fadnavis, Chief Minister of Maharashtra.

Key approvals include:

• February 14, 2024: Cabinet approval for redevelopment under DCR 33(9) through a C&D Agency
• February 23, 2024: Government Resolution granting Special Planning Authority status to MHADA

A Benchmark for Future Redevelopment Projects

With modern design, advanced construction technology, and integrated lifestyle amenities, the GTB Nagar Group Redevelopment Project is expected to become a benchmark for future redevelopment initiatives in Mumbai, especially those involving public agencies and private land.

The project reflects MHADA’s growing role in urban redevelopment and housing rehabilitation, while also addressing the long-standing housing needs of residents from one of Mumbai’s historic refugee colonies.

Also Read: GTB Nagar redevelopment

The post MHADA’s First Private Land Redevelopment: GTB Nagar Project in Sion Koliwada Moves to Implementation Stage appeared first on Square Feat India.

According to documents accessed by SquareFeatIndia, the deal was signed on July 25, 2023.

The apartment bought by the Bollywood producer is located on the 15th and 16th floor of the building named Parishram by Rustomjee located on Nargis Dutt Road, Bandra.

The seller is Keystone Realtors.

The total area of the apartment is 843.26 sq mts, along with the apartments, the bollywood producer will also have access to 7 car parks in the building.

According to documents the total amount paid by Dinesh Vijan is 102.84 crore, whereas the stamp duty paid is Rs 6.17 crore.

Also Read: Indian Real Estate Developers Rank Among the Top at the International Property Awards

The post Bollywood Producer buys Bandra Home for Rs 103 Cr appeared first on Square Feat India.