On Wednesday, 56 Mhada colonies, along with the Maharashtra Society Welfare Association (MSWA), wrote to the CM to amend a law, which they claim is hindering their chances of redevelopment.
The 56 housing societies, most of which are in a dilapidated condition, are opposing a move by Mhada wherein the agency has decided to opt for a stock option in redevelopment projects instead of the premium option, which was earlier useful in attracting builders to develop the buildings.
“These 56 colonies, comprising 3,700 buildings, have had their redevelopment plans on hold since 2009. Nearly 90 per cent of these projects are on hold due to the current policy regulations,” said Ramesh Prabhu, chairman of MSWA.
Earlier, residents who were given the choice of 2.5 FSI could easily go in for redevelopment, as it was easy for them to find a builder. The residents would be given homes, while the developer could sell the remaining homes for a profit.
However, since October 2010, Mhada is increasingly opting for the “stock option” clause wherein the developer has to share around 66 per cent of the stock with Mhada.
“Now, Mhada does not want any premium, as it has realised that it does not have too many plots in hand, and is instead opting for the stock option wherein it can use the apartments for low cost housing,” said Umesh Dhargalkar, a structural engineer who has been a consultant on many of the Mhada projects.
Former chief architect of Mhada, Anil Darshetkar said that the policy is not new. “Even earlier, this provision was there, but now they have made the stock option compulsory.” However, he also added that the move is unfair to the developer and the residents and that CM needed to intervene to end the deadlock.