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According to Housing Minister Jitendra Awhad, MHADA will revoke the LOI granted to developers who are yet to begin renovation work
- by Webdesk
- 11 Dec 2021
The state-run Maharashtra Housing and Area Development Authority (MHADA) is scrapping letters of intent issued to developers three years ago if they have failed to start work or make any progress on rehabilitation. To expedite the redevelopment process, MHADA will immediately cancel such developers' letters of intent and appoint new ones beginning in January 2022.
"There are roughly 300 projects in Mumbai, Thane, and nearby districts in which MHADA has given letters of intent," Housing Minister Jitendra Awhad told the Free Press Journal. By cancelling these redevelopment projects that have not taken off in the last three years, the authority hopes to attract new developers. On Saturday, a decision was made to this effect, to provide dwellings to the target sector promptly.
“This is the right decision, but it should have been taken long ago,' said Anand Gupta, Chairman of the Builders Association of India's Housing & RERA Committee. We hope that all development applications under Development Control Rule 33 (5) for MHADA layouts, as well as all development proposals under Rule 33(7) for all halted assets, would be approved. This will assist all eligible people in obtaining their homes."
"There are roughly 300 projects in Mumbai, Thane, and nearby districts in which MHADA has given letters of intent," Housing Minister Jitendra Awhad told the Free Press Journal. By cancelling these redevelopment projects that have not taken off in the last three years, the authority hopes to attract new developers. On Saturday, a decision was made to this effect, with the goal of providing dwellings to the target sector in a timely manner.
He advised that the government consider providing/facilitating financing to help complete all of the city's stalled projects. The decision comes just days after Awhad declared that the much-anticipated reconstruction of the Kamathipura housing project in South Mumbai will be completed by March 2022. The Maha Vikas Agahdi (MVA) government will have another feather in its head if everything goes smoothly and an LOI is given.
Image Courtesy: Twitter @Awhadspeaks
Image Courtesy: BMC News Updation
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