Government to set up stress fund to revive stuck SRA projects, says Awhad

Mumbai, July 11, 2020: The Maharashtra State Housing Ministry today announced a series of relaxations in its slum redevelopment policy to ensure faster availability of housing for slum dwellers in Mumbai and the Mumbai Metropolitan Region (MMR).

Addressing a web press meet on Thursday, Government of Maharashtra’s Housing Minister, Jitendra Awhad has stated that there will be a specific stress fund for stuck SRA projects. While the state government will infuse Rs 700-1000 crore, the remaining funds will be from banks like SBI. “This stress fund will be used for the completion of stuck projects of SRA,” said Awhad.

The government stress fund will revive such stuck projects and benefit slum dwellers as well as help developers. Apart from this, the minister also made a major announcement that will bring cheer to developers troubled by non-cooperative slum dwellers.

On non-cooperative slum dwellers towards who stall the projects the government has ensured the with the help of government machinery under SRA, the authority will ensure slum dwellers vacate the land under development, once the developer has cleared 70% of shanties and is facing problem with the remaining non cooperative slum dwellers,” said Awhad. This measure will help those developers who face the problem of non-cooperative tenants in spite of 70% consent.

Under Ease of Doing Business (EODB) the government has even reduced certain procedures. For example a file that would move six tables now will require to go to three officials. Similarly annexure II the list with eligible slum dwellers will now be done by SRA. Earlier it would require three organization, including BMC, Collectorate and SRA.

The government has also decided the rent to be paid to slum dwellers by developers while carrying out a redevelopment project. In Mumbai up to Bandra, the rent will be Rs 12,000 per month. It will be Rs 10,000 per month from Bandra to Andheri/Ghatkopar and Rs 8,000 per month beyond it. SRA has given out a total of 1856 LOIs to various developers for carrying out rehabilitation projects.

Corporate Comm India (CCI Newswire)