THE THIRD PHASE OF THE PROJECT
The cost of the tenement recovered from roughly 3500 original members did not cover land development expenses, interest and other related administrative costs. Trustees had then planned to recover this subsidy by constructing bigger size flats in the high rise buildings in Zone 4 for middle income/higher income groups. Accordingly, Trustees asked permission of the Govt. in 1998. After pursuing the application for four years unsuccessfully, Trustees decided to construct 1BHK type flats in Zone 4 with a carpet area of approx.350sq.ft. Members were charged higher rates for these flats to compensate for the cost of tenements for weaker section housing in which tenements have been allotted at subsidized rates. Similarly, the subsidy is being partly recovered from allotment of shops/commercial premises/flats in Shopping Centres and Trustees would now be allotting the amenity plots in such a manner to gain maximum benefit to the Trust so as to recover the subsidy given to the original members. The State Government has in principle agreed that, at the request of NNP.it would cause the final transfer of these amenity plots to the institutions /Trusts /any other legal persons as the case may be.
In this Phase of the Project: 1064 (1BHK) tenements in Zone 4 with an approximate carpet area of 350 sq.ft. have been constructed. In addition to the above, four shopping cum residential buildings and one convenient shopping centre has been completed in this phase.
One shopping center plot is yet to be developed and depending upon the financial resources and response from the prospective aspirants the development of the amenity plots will be undertaken.
Trustees had to resort to bank loan to finance the subsidy given and as a security for the said loan had mortgaged land and tenements in Zone 1,3,5 & 6 to the New India Co-operative Bank Ltd. Trustees had given possessory lien of land and tenements in Zone 4 to the Housing Development Finance Corporation Ltd. on behalf of M/s.B.E.Billimoria & Co. Ltd. to support the over dues of contract works. Now Nagari Nivara Parishad has paid the dues in full of the Contractor and the lien of HDFC on Zone 4 has been released. New India Co-operatie Bank Ltd. also has released the mortgaged on the plots. The receivables from the allotment of the amentity plots will be used to pay the outstanding loan of the bank. Trustees are confident of repaying the bank loan raised and all other related liabilities.
Land Grant Orders
The Federation of all the 113 co-operative societies and institutions of amenity plot holders will be formed. The said Federation so formed shall be handed over the recreation ground plots, internal roads and the name of the said Federation will be put on the property card of the said R.G plots. The said federation will be responsible for the maintenance of (i) water supply system (ii) internal roads (iii) recreation ground plots etc.
This is a unique housing Project in Metro Mumbai for weaker section of the society implemented on the Govt. land by a Trust /NGO in the capacity as a central agency.