The Maharashtra Housing and Area Development Authority (MHADA) is getting ready to start massive reconstruction projects in three desirable metropolitan locations—Bandra Reclamation, Worli, and Versova—as part of a significant effort to address Mumbai’s ongoing housing problem.
One of the biggest in scope, the forthcoming Bandra Reclamation Project would help about 1,631 families by redeveloping 52 structures over 98 acres. An estimated Rs. 27,375 crore would be spent on the project. With an estimated cost of Rs. 10,400 crore, MHADA intends to renovate 58 structures in Worli that house around 1,534 families across 34 acres.
In Versova, MHADA will work with a recently hired developer to develop 1,61,880 square meters of property after the previous developer was unable to start construction. It is anticipated that all three projects will greatly increase Mumbai’s housing supply.
According to MHADA officials, design and construction tenders will be released in the upcoming month or two. The full implementation of these projects will fall under the purview of the chosen developers.
Through the sale of excess housing stock, these ventures hope to raise money for MHADA while relocating residents who are presently residing in deteriorating buildings. The public will have access to affordable housing options thanks to the additional properties being auctioned through MHADA’s renowned lottery system.
At a time when housing costs in the city are still skyrocketing, the projects are especially important. There is still a huge demand for MHADA homes; in recent lotteries, more than 40 applications have competed for each flat. In 2024, MHADA got 1.29 lakh online applications for a draw of 2,030 dwellings. In 2023, 1.09 lakh applications were drawn to 4,082 residences.
It is anticipated that MHADA’s next initiatives will get a lot of attention and provide much-needed respite to thousands of Mumbaikars who are waiting for an inexpensive home as the gap between supply and demand grows.
Source: The Free Press Journal
