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Deal News

Siddharth Nagar-MHADA Layout No.5 Shortlists Five Developers For Redevelopment

26 May 2022 8:05 AM GMT

In the heart of Goregaon opposite Prabodhan Complex, Siddharth Nagar- 5 Co-operative Housing Society Limited, being one of the largest chawl in western suburbs is comprising of 16 chawls and is spread across approx. 9103 Sq. Mtr. plot area and having over 137 tenements.

The tendering process has commenced whereby 5 top developers have been shortlisted. The Society has appointed Mr Nikhil Dixit, M/s. Shilp Associates as Project Management Consultant (PMC) and Solicis Lex Advisory as Law firm to its big bucket wish list for representing societies/ federation. It's a Residential Zone (R Zone) and the society is abutting 18.30 Mt. wide road & 12.20 Mt. wide internal road. The biggest challenge to society is that it is affected by EPU 5.2 (Electricity transmission & distribution Facilities).

While speaking to Live Law, Managing Partner Adv Ameet Mehta added that ''the successful completion of this enormous project will be a big challenge for developers and thus the roles of the Attorney become quite challenging. There are three important considerations for the MHADA projects a lawyer would consider, Perfect Legal Documentation including Tri-partite document with MHADA, Coordination between members of Managing Committee and society members and selecting the best Developer, who shall give timely delivery''.

Nikhil Dixit stated that ''any area above 6000 sq. mtrs is eligible for Cluster Development. However, being a MHADA plot, Siddharth Nagar 5 can reap rich benefits. The basic scheme of the cluster redevelopment means instead of redeveloping individual buildings; several old buildings are jointly taken up for the group redevelopment. This can also happen if the society goes for self-development''.

The Managing Committee namely Ms Neena Gawde, Mr Suresh Vyas, Mr Shashank Ramane, Sanjay Bangera and others stated that ''this project property lies opposite the famous Patra Chawl. Goregaon today is one of the top destinations of Mumbai. It has Film City, the three biggest Malls namely Oberoi Mall, Inorbit Mall and Infinity Mall in heart of Goregaon. Apart from this, it has Filmistan, Goregaon Sports Club and Carnival Cinema in Goregaon''.

There is also a new flyover bridge at Ram Mandir road connecting Goregaon West and East called as Mrinal Gore Flyover next to Oshiwara Railway Station. The next important transport project for Goregaon is Goregaon Mulund Link Road which will be a 5 km underground road consisting of two tunnels each having three lanes.

There is upcoming Metro line between Dahisar to Mankhurd and Dahisar to Andheri DN Nagar, which will further improve the connectivity of this project with the far-off eastern suburbs of the city. Currently, this section of the Metro Rail Project is under construction. Hence Siddharth Nagar 5 is all set for an amazing makeover.

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