The Economic Times 22.10.2013
Bhendi Bazar redevelopment project gets govt nod
The
project had been awaiting clearances, especially under the 33(9)
Development Control Regulation, which necessitates a developer to
purchase 100 per cent property.
“The project, conceived in 2009, was stuck pending some clearances. But
now we have received the approval from the government to start
construction. We will commence work sometime between January and March
next year,” Saifee Bhurani Upliftment Trust (SBUT) Secretary Sheikh Abdeali Bhanpurawala told PTI.
The project had been awaiting clearances, especially under the 33(9) Development Control Regulation, which necessitates a developer to purchase 100 per cent property, without which they cannot carry out redevelopment.
Bhendi Bazar in South Mumbai spans across some 16.5 acres.
SBUT, which conceived the plan, has so far managed to purchase 85 per
cent of the properties but is unable to get the remainder due to
“unreasonable” demands of the landlords.
“However, considering
the importance and magnitude of the project, the Maharashtra Government
has allowed us to go ahead with construction,” Bhanpurawala said.
The project will be developed in a phased manner and have nine
clusters, with two-three towers in each cluster, Bhanpurawala said.
“This project will create an urban living space with the most modern
infrastructure and amenities.”
He said unlike other
redevelopment plans in the metropolis, this will have 80 per cent of the
land for the project-affected/rehabilitation, and the rest will be available to be sold in open market.
“The project will house 17 buildings with 12 reserved for
rehabilitating the existing tenants, while four buildings will be
available for sale in open market. The remaining one building will be
reserved for the state housing body Mhada.”
About funding
aspect, he said, “The trust will bear the cost. Besides, proceeds from
the sale of apartments in the free-sale component will also be used to
fund the project.” The plan, impacting 3,200 families and 1,250
businesses, is likely to be completed within three years.