Bandra-Kurla Complex: The state housing agency has taken initiative step towards the housing for higher income group of the society. The agency has approved a plan of constructing residential enclave over a land of 4-acre in Bandra-Kurla Complex.
On 13 January 2016, Maharashtra Housing and Area Development Authority (MHADA) has launched its ambitious lottery for 2016 for the allotment of 4275 flats. In this lottery, MHADA has offering only single digit units for higher income group.
The plan of Bandra-Kurla complex is on the pending process since 2012 and now the plan has been approved by the state agency and they will bring several flats for higher income group. MHADA has not built HIG tenements in recent times in the city owing to land crunch.
The plot land included in the plan was for commercial use and on Wednesday, the state urban development has issued a final notification for modifying the use of plot land from commercial to residential. The modification of land use was pending in the office of Mumbai Metropolitan Region Development Authority (MMRDA), the planning agency for the BKC.
On this, the official said that the land use change was required as MHADA wants to build high-end residential towers to generate funds and cross-subsidise construction of low-income group houses elsewhere in the city and the MMR.
According to the source, the agency is planning to construct two towers of 17-storey on this land and the agency hopes to woo corporates and bankers working in BKC to invest in the project. In this project, 2BHK, 3BHK and 4BHK flats will be offered and the current rate at BKC is above Rs. 35,000 square feet.
The premium residential complex is in tandem with the state’s plan to transform BKC into an international finance centre. An essential part of the IFC will be to have premium residential towers at BKC that will provide walk to work facility.