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Maharashtra Approves ₹3,446 Crore for Borivali Housing Land
The Maharashtra government wants to use five MTNL land parcels in Borivali for housing projects.
It approved ₹3,446 crore for MahaHousing to buy the land and cover related costs.
The five parcels together measure 29.74 acres.
Most of the money will pay for the land itself.
The rest will cover registration, taxes, walls, security and other expenses.
The government is also considering buying another BSNL property.
That larger plan could cost up to ₹7,500 crore.
The value of the BSNL land cannot be finalized until the BMC issues a notification.
MahaHousing must repay the funding, with interest, to the Maharashtra Shelter Fund.
Maharashtra approved ₹3,446 crore for MahaHousing to acquire five MTNL land parcels in Borivali.
The five properties cover 29.74 acres across Borivali West, Shimpoli and Eksar.
The sanction includes ₹3,250.26 crore for land and ₹196 crore for related expenses.
The government gave in-principle approval for up to ₹7,500 crore to acquire six BSNL and MTNL properties totaling 71.06 acres.
Valuation of the 41.32-acre BSNL plot remains pending until the BMC issues a notification about the reserved land.
- Who
- The Maharashtra government, MahaHousing, MHADA, MTNL and BSNL are involved.
- What
- The government approved ₹3,446 crore for MahaHousing to acquire five MTNL land parcels for housing projects.
- Where
- The five MTNL properties are in Borivali West, Shimpoli and Eksar in Mumbai; a separate BSNL plot is on L T Road, Borivali West.
- When
- The approval was issued through a Housing Department Government Resolution dated September 23; the year is not specified.
- Why
- The land is being acquired to facilitate housing development in the Borivali area.
Key facts
- Immediate sanction
- ₹3,446 crore
- Land purchase allocation
- ₹3,250.26 crore
- Associated expenses
- ₹196 crore for registration, stamp duty, protective walls, security and other costs
- MTNL land area
- 29.74 acres across five properties
- Broader acquisition proposal
- Up to ₹7,500 crore for six BSNL and MTNL properties totaling 71.06 acres
- BSNL plot
- 41.32 acres on L T Road, Borivali West, with an estimated value of ₹4,017.26 crore
- Repayment terms
- Funding is repayable at HUDCO’s interest rate plus 0.50%; the Maharashtra Housing Fund will have the first charge on project income until repayment
Sources
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