Mumbai: With the Maharashtra Housing Minister Atul Save calling real estate developers to be part of slum redevelopment process initiated by the state government through various agencies, the National Real Estate Development Council (NAREDCO) has formally requested the state government authorities to allocate 5,000 slum redevelopment projects to the industry body.
The minister made this clarion call during an event recently with an aim to fulfil the Prime Minister’s vision of ‘Housing for All’ and make Mumbai a slum-free city.
“Slum rehabilitation has always been a desirable and aspirational goal. NAREDCO’s interest in taking over some slum areas is certainly welcome, as it will be beneficial for all parties involved,” said the Vice President and CEO of Maharashtra Housing and Area Development Authority (MHADA), Sanjeev Jaiswal.
“The State Government is committed to making Mumbai a slum-free city. To achieve this, approximately 200,000 slum housing units, in projects sanctioned by the SRA but stalled for various reasons, are being handed over to other government agencies like MHADA, MMRDA, MCGM, MIDC, and MSRDC. The objective is for these stalled slum projects to be completed by the aforementioned agencies, acting as developers, in a time-bound manner, ensuring that eligible slum dwellers receive their rightful homes.
“However, challenges persist, including the scarcity of land in Mumbai due to geographical constraints, plot reservations that hinder development, and legal disputes affecting many of the projects where LOIs were previously issued. The State Government is also considering further policy changes to make Mumbai slum-free and transform the city’s skyline,” Jaiswal added.
Stating that this initiative will be a significant step towards strengthening Public-Private Partnerships (PPP) and redefining the landscape of Mumbai's real estate sector, Chairman of NAREDCO National, Dr Niranjan Hiranandani said, “By spearheading this endeavour, NAREDCO aims to play a pivotal role in transforming Mumbai into a slum-free city, setting a benchmark for urban redevelopment and inclusive growth.”
Welcoming this move, the President of NAREDCO Maharashtra, Prashant Sharma said, “We have always believed in the power of PPP. The scale of this initiative underscores our commitment to not only improving the urban landscape of Mumbai, but also to fostering inclusive growth. Our vision is to work hand-in-hand with the state government to redefine Mumbai's real estate sector and make substantial strides towards a slum-free city. We are prepared to leverage our industry expertise, innovative approaches, and collaborative spirit to achieve these ambitious goals.”
The 5,000 slum redevelopment projects will serve as a benchmark for future urban redevelopment efforts and stand as a testament to what can be accomplished through effective collaboration between public and private sectors.
Expressing that the progressive proposal represents a ground-breaking opportunity for Mumbai, aligning seamlessly with our shared vision of creating a more inclusive and sustainable urban environment, Director of Transcon Developers, Shraddha Kedia-Agarwal said, “By taking this important step, NAREDCO is setting a new standard for urban redevelopment. This effort not only paves the way towards a slum-free Mumbai, but also redefines the city’s real estate landscape. We wholeheartedly support this vision and are excited about the opportunities for collaboration and innovation that lie ahead. We believe that through effective cooperation and a shared commitment to inclusive growth, we can collectively achieve transformative change and establish a new benchmark for urban redevelopment and revitalization.”
