Mumbai: In the effort of implementing the slum rehabilitation projects and Dharavi redevelopment project on fast-track, CM Uddhav Thackeray held a meeting on Friday. Thackeray has approved the Housing Minister Dr. Jitendra Awhad’s proposition to create a stress fund of Rs 1,000 crore for the speedy implementation of almost 350 slum rehabilitation projects stuck up for a long period since of land debate, procedural roadblocks, and financial crunch.

The Dharavi redevelopment project is concerned; Dr. Awhad has encouraged Thackeray to encourage the Centre to immediately release 72 sections of land. The BJP-led government at Centre had paid Rs 800 crore to the Ministry of Railways but the land has not been transferred however to the State Government.

Dr. Awhad said that the CM has given clearance to set up a stress fund with an estimate of Rs 1,000 crore to supply back to engineers so that the stuck slum rehabilitation projects can be completed without further delays. He educated that CM has concurred to talk to Prime Minister Narendra Modi and Minister of Railways for an early transfer of 72 sections of land of the State Government so that the Dharavi redevelopment project can be taken up at the earliest. He educated that after the transfer of land the government will choose future course of action.

The House Department Officer said the Shivshahi Punarvasan Prakalp Ltd (SSPL), which could be a nodal agency to manage the proposed stress fund, features a corpus of Rs 500 crore whereas additional Rs 500 crore will be given by Slum Rehabilitation Authority.

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The developers who are in need of finance from the stress support will have an option for freehold land. Those who don’t want to take the benefit of a stress fund will have the option of being on leasehold or freehold. He informed that the SSPL will give commerce to the banks that will come forward to finance the rehab projects without any ensure. Even in spite of the fact that the banks get commerce from SSPL, the banks will need a guarantee to fund such projects and for that, the land under free sale component which is a rule rented out can be made freehold. This will provide additional security to banks apart from the sale component.