Maharashtra Plans Special Fund For Stalled Slum Rehabilitation Projects
Maharashtra plans to set up a stress fund to complete slum rehabilitation projects stalled during the pandemic, which served as a reminder of the poor living conditions in Mumbai, the state's capital and India's financial hub.
The fund will help in completion of rehabilitation component under the Slum Rehabilitation Authority projects, Jitendra Awhad, state housing minister, said in a virtual press conference. “The money will be raised by Shivshahi Punarvasan Prakalp Ltd.—a Maharashtra government company set up to build affordable homes through slum rehabilitation projects—but the control and distribution will be with the banks."
The government will infuse Rs 700-1,000 crore and public sector lenders will also pitch in. According to the minister, 541 SRA projects are ready and 370 are stuck. Of 5.07 lakh planned homes, about 3.80 lakh are under-construction. But developers are facing a liquidity crunch as the pandemic disrupted all but essential economic activity.
Slums in Mumbai, home to about half of the city's population, emerged as hotstpots for the virus. And the civic authorities have for now controlled the virus in Dharavi, one of Asia's largest slums, living conditions makes it vulnerable to similar outbreaks.
“The state decision to push SRA development is also keeping in view the city's readiness to tackle any future pandemics such as Covid-19," the minister said. "As we continue to battle the virus, Mumbai has witnessed an alarming ratio of Covid-19 cases across the slums and a proper housing environment will be the key to safeguard lives and prevent any community spread of such diseases going forward."
Chief Minister Uddhav Thackeray approved the concept of the fund, Awhad said. "In a few days, the proposal will be submitted in the cabinet. This move will help the builders as well as residents of Mumbai, particularly the slum-dwellers.”
The minister said various premiums—fees that developers pay—for slum redevelopment projects have either been reduced or or deferred. Approvals timeline has been drastically reduced by the Slum Rehabilitation Authority.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
