Self-redevelopment ‘trailblazer’ stuckPosted: April 8, 2012
It was supposed to serve as a model for the rest of Mumbai. But the city’s first self-redevelopment project — the Ganesh Nagar ‘D’ co-operative housing society at Mahalaxmi — has been stuck for seven years now due to an alleged fraud in the transfer of development rights (TDR).
A total of 390 residents had taken it upon themselves to redevelop the housing society in 1998. With guidance from the slum rehabilitation society (SRS), they managed to raise a corpus fund of Rs27 lakh from among themselves to redevelop 3,800sqm of the plot by constructing three seven-storied buildings. They planned to raise another Rs5 crore through sale of the society’s TDR for 3,000sqm of the plot.
Click Here for the full story