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SRA to take over 500 redevelopment projects
The Hindu
Developers availed of loans from financial institutions based on LoI but did not execute projects
The Slum Rehabilitation Authority (SRA) will take over 500 slum redevelopment projects in Mumbai after it was found that developers availed of loans from financial institutions on the basis of Letter of Intent (LoI) from the authority and did not execute the project for many years, displacing slum-dwellers without providing them houses as per the law. State Housing Minister Jitendra Awhad said, “The developers picked up loans from financial institutions on the basis on LOI. The institutions, however, did not contact the authority to check on the progress of the said projects. Hundreds of crores of rupees have been invested here. The SRA will take over these projects and complete them by itself.” SRA issues LOI to the developer assigning a particular slum pocket to be redeveloped. “The LOI does not mean that the said builder owns the land,” the Minister said. On the basis of LOI, the developer provides accommodation to the eligible slum-dwellers at a different place till the project is completed and the slum razed.More Related News
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The Karnataka government has drafted a comprehensive master plan for the integrated development of Kukke Subrahmanya temple, the State’s highest revenue-generating temple managed by the Hindu Religious Institutions and Charitable Endowments Department. The redevelopment initiative is estimated to cost around ₹254 crore and aims to enhance infrastructure and facilities for devotees.