The proposal of redeveloping MHADA colonies has been cleared by the state cabinet

The Maharashtra cabinet has finally approved two important proposals that can help them set up multiple solar power plants that have a capacity of 550 MW. The German bank has agreed to be their financial help for this. A mega housing redevelopment project was also cleared in Mumbai.

An official press release that was issued after the state cabinet meeting stated that the first proposal involves 187 MW capacity. This includes setting up solar units near the sites of a thermal power plant that already exists. Germany’s state development bank, KFW, will be funding these solar power plants in Maharashtra. The bank has agreed to provide Rs. 588.21 crore. On the other hand, with the help of share capital and other sources, Rs. 158.29 crores will be raised by the Mahagenco power firm of the state government. A similar project in Dhule district, Maharashtra has already been funded by KFW.

At an annual interest rate of 0.05%, the cabinet cleared a second proposal which also involves Mahagenco to raise Rs. 1564.22 crore. The state power utility of Maharashtra has 12 years to repay the loan while the Maharashtra government will raise Rs. 364.18 crore on its own.

The second proposal includes a deal of setting up solar power plants that have a total capacity of 390 MW. These units will come up near existing thermal power plants and also as independent sites in Maharashtra.

The Maharashtra cabinet also cleared a proposal of redevelopment in Motilal Nagar, Goregaon that includes the Maharashtra Housing and Area Development Authority which are also known as MHADA colonies. The suburb in Goregaon has 5,300 houses at present.

There will be an additional 33,000 flats in the colonies post the redevelopment plan. As per the order by the Bombay High Court, MHADA has to complete the project. But, an agency has been appointed by the housing authority to carry out the work. 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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