Realty slump to delay Sanjay Gandhi National Park slum rehab projecthttps://indianexpress.com/article/cities/mumbai/realty-slump-to-delay-sanjay-gandhi-national-park-slum-rehab-project-5512606/

Realty slump to delay Sanjay Gandhi National Park slum rehab project

According to the plan, the selected contractor will receive no monetary reimbursements, instead get TDR (Transferable Development Right) certificates, also known as the currency of Mumbai’s realty market.

Realty slump to delay Sanjay Gandhi National Park slum rehab project
The housing authority has extended the date for bid submission to February 10, 2019.

A SLUMP in real estate is likely to delay the work of rehabilitating over 2,000 tribal families and 27,000 families living in slums inside the boundaries of the Sanjay Gandhi National Park (SGNP). While the Maharashtra Housing and Area Development Authority (MHADA) has now extended the date for awarding a contract for the project, sources in the agency said owing to the large scale of the project, it might not be possible to award the contract in anticipation of a poor response to bids.

The housing authority has extended the date for bid submission to February 10, 2019. On December 10, the MHADA floated a tender inviting bidders for the mega project to construct 26,959 housing units for rehabilitation of eligible slum dwellers and tribals residing inside the SGNP. The estimated cost of the project is Rs 3,500 crore.

According to the plan, the selected contractor will receive no monetary reimbursements, instead get TDR (Transferable Development Right) certificates, also known as the currency of Mumbai’s realty market.

Of the units to be built, 2,000 units were to be constructed on 43 acres with a carpet area of 300 sq ft and an open-sky terrace for rehabilitating tribals. For rehabilitating slum dwellers, 24,959 units were to be constructed on a 47 acres. Both plots are located within the boundaries of the SGNP.

For latest coverage on Haryana and Maharashtra Elections, log on to IndianExpress.com. We bring you the fastest assembly election 2019 updates from each constituency in both the states.