The Maharashtra authorities is about to pump in round ₹700 crore-₹1,000 crore as ‘stress funds’ to revive slum tasks that are caught attributable to financial points. Around 370 tasks have been placed on maintain as builders shouldn’t have cash to finish the tasks, leaving the slum-dwellers in a lurch.
According to state housing minister Jitendra Awhad the step is being taken to spice up the realty sector. “This stress fund will help to revive slum rehabilitation projects which are stuck, and give relief to both the slum-dwellers and builders,” stated Awhad. He stated the Slum Rehabilitation Authority (SRA) will tie up with the State Bank of India (SBI) on this enterprise.
Currently, there are 3.5 lakh homes being constructed beneath SRA, of which majority of tasks are in limbo.
“The realty sector, especially the projects under SRA scheme, was facing monetary issues and Covid-19 has worsened the situation. This stress fund will provide some respite to the builders,” stated Nayan Shah, president of Maharashtra Chambers of Housing Industry (CREDAI-MCHI).
Real property lawyer Vinod Sampat stated, “Just pumping in funds will not serve any purpose as SRA scheme suffers from corruption and large scale manipulation. These need to be addressed.”
With solely 2.06 lakh households getting new residences over 23 years, the SRA scheme to free Mumbai of slums appears to heading nowhere. SRA stated there are 12.50 lakh slums with 62 lakh residents within the metropolis. If the present velocity is maintained whereby a mean of 8,963 households get properties yearly, it’ll take greater than a century to rehabilitate all present slum-dwellers.