In order to reconstruct the Ramabai Ambedkar Nagar slum project in Ghatkopar, government land is needed, and the Mumbai Metropolitan Region Development Authority (MMRDA) has suggested to the government that the premium payment be waived.
The Ramabai Ambedkar Nagar Slum Redevelopment project covers 331,495.44 square meters, of which the state government owns a portion and private owners the bulk.
To finish the project, the MMRDA needs about 40,000 square meters of government property. The authority is currently required to pay 25% of the ready reckoner (RR) fee for government land. However, the state administration has received a proposal to waive these fees, which is now being reviewed and approved by the Cabinet. The aforementioned sum may exceed hundreds of crores.
According to a top MMRDA official, the project should benefit from free land because it is a government effort. To ensure that the project stays financially feasible, the proposal asks for exemptions from other taxes and development charges.
In addition to hiring an architect and project management consultant, MMRDA recently obtained a Rs 4,000 crore line of credit at an 8% interest rate from three Indian banks. After the land is formally turned over, construction on the government-owned property will start on the rehabilitation structures.
7,000 additional tenements will be able to be built on government land. Out of the 16,000 slum inhabitants, the remaining tenants will be relocated to a portion of the private land, with the remaining land being developed for housing and commercial uses.
Source: The Indian Express
