The Mahayuti government, which has allotted pieces of unoccupied land to each subsequent cabinet, is mulling a proposal to grant a portion of around 180 acres of land on Madh Island near Malad (West) for the Adani group-led Dharavi Redevelopment Project. A portion of the site would be set aside for other applications, such as artist Kailash Kher’s singing academy, the Aditya Birla group’s hospital project, an MLA housing society, and a temple trust.
The suggestion is scheduled to be presented during state cabinet’s next meeting. Madh Island contains extensive tracts of land in CRZ I, where construction is limited. It is most renowned for its bungalows, resorts, filming locations for Bollywood, and fishing communities. However, the beachfront road shows promise of improved connectivity and will boost real estate prices.
Currently, rates range between Rs 2,000 and 2,600 per square foot. However, in the CRZ zone, prices might decrease to about 40% of that, or roughly Rs 1,000 per square foot. According to sources, the housing department is slated to receive approximately 100 acres of land from the parcel for DRP purposes. The remaining 80 acres will remain with the revenue department, although portions will be divided among the applicants, according to sources.
The MLA Housing Society, which has applied for the property piece, was initially intended to be located in Versova. However, the construction could not proceed due to CRZ regulations.
Last Monday, the cabinet approved leasing 256 acres of ecologically hazardous salt-pan property from the Centre to house individuals who were not eligible for housing under the Dharavi Redevelopment Project.
Source: The Times of India