Mumbai: Maharashtra Housing and Development Authority (MHADA) had lent a loan of 1 thousand crore to the Maharashtra State Road Development Corporation (MSRDC). As a payment of the debt, MHADA has presented to MSRDC a proposal to grant land surrounding the Samruddhi Mahamarg. If agreed upon, it could mean that MHADA using the land to build affordable housing for the common folk.
For its ambitious Samruddhi Mahamarg project, the MSRDC had borrowed funds from various government agencies of which MHADA had lent 1 thousand crore. The expressway is currently stretching across 600 km, with the full highway expected to open soon. MHADA had been consistently following up on the repayment of the loan. The state government had decided to turn the amount into shares, making it possible for MHADA to incur the dividends. However, instead of the dividend, MHADA intends to use the land along the expressway.
MHADA’s Plan
MHADA has instructed its officials in Konkan, Nashik, Aurangabad, and Nagpur to survey the lands surrounding the expressway in their area to check their availability for construction. The housing will be mostly for low and middle-income families.