The Maharashtra Housing and Area Development Authority (MHADA), in order to undertake the redevelopment of 68 old and dilapidated buildings owned by the Life Insurance Corporation of India (LIC) in South Mumbai, plans to issue notices to LIC.Maharashtra Housing Minister Atul Save on August 23, issued directions to the MHADA to issue notices to the LIC under the newly introduced 79 (A) of the Maharashtra Housing and Area Development Act, 1976, MHADA said in a statement.
According to MHADA, it will now issue notices for redevelopment proposals of these buildings to LIC and in a stipulated time frame of six months, LIC will be required to submit its redevelopment proposal.”Failing to do so within the designated period, the occupants of these buildings will be given the opportunity to submit the redevelopment proposal within a period of six months. If these efforts falter, MHADA will undertake the redevelopment by acquiring the land, as sanctioned by the new amendment in the MHADA Act,” the statement said.
https://www.moneycontrol.com/news/business/real-estate/redevelopment-mhada-to-issue-notices-to-68-dilapidated-buildings-of-lic-in-south-mumbai-11246521.html
Source : Money Control
