2024-04-14 18:06:09
Mumbai: The construction work of 47 projects of Slum Redevelopment Authority (SRA), which were stalled for years due to the failure of builders, may start soon. 16 financial institutions have shown interest in completing the incomplete project of SRA. Keeping in mind the interest of the financial institutions, SRA has also started preparations to give the responsibility of the project to the financial institutions to fulfill the dream of the people of having houses. According to a senior SRA official, some financial institutions have shown interest in more than one project. Piramay Capital Housing Finance has shown interest in 16 projects and IIFL in 10 projects. After receiving the necessary permissions, the responsibility of completing the incomplete project will be handed over to the financial institutions in the next few days.
Hundreds of SRA projects stuck
Hundreds of SRA projects are stuck due to not starting the work after vacating the houses for the SRA project or leaving the project work midway. In such a situation, SRA is working on a plan to complete the incomplete project through the financial institutions that invested money in the project last year. According to the information, many builders have taken loans worth crores of rupees from financial institutions in the name of SRA projects, but despite taking the money, hundreds of projects have not been started yet, while the work on many projects has been stopped midway. Is.
Institutions will get stuck money
Due to the building not being ready, the money of financial institutions is also stuck. Through Abhay Yojana, the government is trying to get its stuck projects back on track along with getting their lost money back from the financial institutions. With the completion of the project, the institutions will also get their stuck money. To implement this scheme, SRA had sought Expression of Interest (EOI) from financial institutions last year itself. Financial institutions had shown interest in SRA’s proposal. After receiving good signals from the institutions, work on the plan has been going on since last year, which is now nearing the final stage.
this is how the work will be done
To complete the incomplete projects, SRA has now decided to give the responsibility of co-developers to the financial institutions. Under this, the institutions will have the right to sell additional houses to the local citizens after preparing their houses. Financial institutions will be able to recover their stuck money by selling houses.