MHADA To Earn ₹800 Crore By Leasing Surplus BDD Chawl Land; 3 Companies Express Interest | File Photo
Mumbai: The redevelopment work of Mumbai’s century-old Bombay Development Directorate (BDD) chawls set to be replaced by modern towers, as construction works progresses. The Maharashtra Housing and Area Development Authority (MHADA) has now invited tenders to lease out the surplus land left over in Naigaon and N.M. Joshi Marg.
Surplus Land Available for Commercial Use
Once the housing for chawl residents is completed here, about 3,900 square meters of additional land will remain — 1,700 sq.m. in Naigaon and 2,200 sq.m. at N.M. Joshi Marg. This land will be used for commercial purposes. Three Mumbai-based companies have already shown interest in acquiring these two plots, as per official.
Revenue Potential for MHADA
From this land leasing initiative, MHADA is expected to earn Rs 800 crore. MHADA is currently carrying out the redevelopment of the BDD chawls located in Naigaon, Worli, and N.M. Joshi Marg.
New Homes for BDD Residents
As part of the project, MHADA is building 500 sq. ft. homes for the BDD chawl residents. Recently, houses in Worli have already been handed over to beneficiaries. Construction work at Naigaon and N.M. Joshi Marg is also in progress.
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Recovering Construction Costs through Land Leasing
MHADA plans to distribute some of the new homes in these locations by the end of the year. While the government is providing these homes free of cost to the residents, MHADA intends to recover its construction costs by leasing out the surplus land after redevelopment.
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