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News & Views on Indian Real Estate

Tuesday, August 19, 2008

Chembur to be redeveloped


After living in crumling old structures for about 55 years, the residents of Maharashtra Housing and Area Development Authority (Mhada) colony in Chembur have realized the benefits of redevelopment. Subhash Nagar is undergoing redevelopment as 65 per cent of the 2, 000 residents have opted for redevelopment by a single developer. The colony is spread over 38 acres and houses 57 buildings. "So far, we have built 744 flats for the residents and have finalized plans to build eight more buildings for 546 families who have signed for redevelopment," said Mr. Manoj John, spokesman of RNA Corp, which is undertaking the project through its group company GA Builders. The company aims to create residential and commercial zones for maximum utilization of available space. "It is a win-win situation for the tenants and the developer," said Mr. Anuj Puri, Chairman, Jones Lang LaSalle Meghraj (JLLM), a global real estate consultancy while commenting on the project.

Manish said...

Maharashtra Housing & Area Development Authority (MHADA) was constituted in 1977 with an aim to extend fair housing opportunities to the residents of Maharashtra.

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