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MHADA inks MoU for 133 towers worth ₹1,100cr

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The Maharashtra State Housing and Regional Development Authority (MHADA) has signed a memorandum of understanding with real estate developer Chadha Developers & Promotions to build a comprehensive residential project in an area covering more than 80 acres near Mumbai in a public-private partnership. Chadha developers and promoters will invest approximately 11 billion rupees to develop the project in Wanni.

The project will develop 8,228 apartments in 133 towers, 50% of which will be under the government’s affordable housing support program Pradhan Mantri Awas Yojna (PMAY )-Cities in the weaker part of the economy (EWS). MHADA will act as the planning agency for the project, which has been approved by the state and central government. As a node agency, it will also be responsible for distributing subsidies worth 150,000 rupees from the central government and 100,000 rupees from the state government to distributors through the PMAY (city) plan.

Although MD, Chadha developer, Dimple Chadha informed part of the project, according to the agreement, the project consists of 66 7-story towers, including 4,114 one-bedroom apartments, and has been approved by the Real Estate Regulatory Authority (RERA).

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News Source : NBM&CW

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