Maharashtra government plans to redevelop 21 acres of prime land at South Mumbai known as the fisherman’s colony. Machchimar Nagar gained notoriety after 10 Pakistani terrorists had landed here in 2008. Out of these 15 acres are open spaces, which will be given to someone with a vision to develop it further.
The amount of premium collected by MHADA in nearly ten years that is from the year 2011 to 2021 was around Rs 1902 crore. In the year 2021-2022, in the span of just one year MHADA has collected around Rs 1873 crore in premium collection.
Awhad praised the developers’ efforts to make the financial capital more attractive. “The housing industry is intertwined with the state’s development.” With no open land available, Mumbai’s development can only be accomplished by repurposing existing spaces. “This benefits society as a whole,” he said.
He went on to say that the city of Mumbai, which is growing in population, will not have a future unless developers participate in its development. The state government has taken on the task of ensuring complete transparency in all real estate transactions.