One of the four redevelopment options the state is looking at is picking a builder by conducting an auction of cessed buildings or by floating a tender. Under the arrangement, state's development agency the Maharashtra Housing And Area Development Authority (MHADA) will give 90 days to the landlord of a cessed building to initiate redevelopment. A typically old building whose tenants pay cess — a form of tax — to MHADA for structural repairs is termed as a cessed building. Its last resort is forcibly evicting occupants, something that is allowed under section 95A of the Mhada Act. "Under this arrangement, the self development of such structures is likely to be allowed through a consortium of banks.

Source: dna September 02, 2017 01:07 UTC