A major housing project is set to take shape in Borivali, with 8,000 homes proposed across land parcels in Shimpoli and Gorai under an Rs 7,500-crore development plan.
The Maharashtra government has approved the proposal to acquire 71.06 acres of land owned by BSNL and MTNL for the project. MahaHousing will undertake the land acquisition and development process.
The planned housing stock will be split equally between affordable and middle-income housing. Around 4,000 homes are proposed under PMAY 2.0, while another 4,000 units will be aimed at the middle-income segment.
The land comprises a 29.74-acre parcel in Shimpoli and five plots covering 41.32 acres in Gorai. The estimated acquisition cost is Rs 3,150.26 crore for Shimpoli and Rs 4,017.26 crore for the Gorai plots, taking the overall project cost to about Rs 7,500 crore after associated expenses.
The Shimpoli acquisition has already received a funding push, with Rs 3,445 crore approved from the Maharashtra Shelter Fund for the purchase of the land. The Gorai component, however, requires further action as part of the land has been reserved for a Metro car shed.
The proposed project could give Mumbai’s western suburbs a significant addition to their affordable and middle-income housing stock, while putting government-owned land to use for residential development.
Source: Mumbai Live
