Maharashtra Approves ₹3,446 Crore For MahaHousing To Acquire Five MTNL Land Parcels In Borivali For Housing Projects
Mumbai: The state government has approved Rs3,446 crore from the Maharashtra Shelter Fund for MahaHousing to acquire five land parcels owned by Mahanagar Telephone Nigam Limited (MTNL) in Borivali, with the move expected to facilitate housing development on the large plots. ₹3,250 Crore For Land Purchase The decision was issued by the Housing Department through a Government Resolution (GR) dated…
The Maharashtra government has allocated Rs3,446 crore from the Maharashtra Shelter Fund to MahaHousing for acquiring five land parcels owned by Mahanagar Telephone Nigam Limited (MTNL) in Borivali, with the aim of promoting housing development on the expansive plots. The decision was formalized through a Government Resolution (GR) issued by the Housing Department on September 23.
The sanctioned amount of Rs3,250.26 crore is earmarked for purchasing the five MTNL properties, while Rs196 crore is designated for registration fees, stamp duty, construction of protective walls, security measures, and other related expenses. The land parcels, totaling 29.74 acres across Borivali West, Shimpoli and Eksar, will be acquired under this initiative.
Furthermore, the government has granted in-principle approval for a total expenditure of up to Rs7,500 crore to acquire six properties belonging to BSNL and MTNL in Borivali, encompassing a combined area of 71.06 acres. The immediate sanction of Rs3,446 crore pertains solely to the five MTNL properties, with the valuation of the BSNL plot pending the issuance of a notification by the Brihanmumbai Municipal Corporation (BMC) regarding a reserved plot.
MahaHousing has been authorized to raise funds from banks and financial institutions, including HUDCO, through a line-of-credit arrangement, to cover the acquisition of the remaining BSNL/MTNL land, project-related expenditures, and ancillary costs. The Maharashtra Shelter Fund provides the funds to MahaHousing, which must repay the amount to the fund at HUDCO’s interest rate plus 0.50%.
The Maharashtra Housing Fund will have the first claim on income generated from MahaHousing projects until complete repayment of the funds and installments is made.
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