Redevelopment Plans of Machchimar Nagar by The Maharashtra Government Will Boost Real Estate in Cuffe Parade

The Maharashtra government intends to reconstruct 21 acres of valuable property known as the fisherman's colony or Machchimar Nagar in South Mumbai.

The Honourable Minister for Housing of Maharashtra mentioned at The Real Estate Forum 2022 that the colony is sprawled over 21 acres of land. 

"Fifteen acres of this property are open land. The government aims to include the slum rehabilitation authority (SRA), which will oversee the project and then turn it over to someone with a vision for future development," he said.

According to Awhad, premiums collected last year increased significantly when compared to the previous decade.

"MHADA received over Rs 1902 crore in premiums during a roughly ten-year period, from 2011 to 2021. 

However, in the fiscal year 2021-2022, we received around Rs 1873 crore in premium collection in a single year," the Minister remarked.

Awhad lauded the developers' efforts to beautify the financial hub.

"The state's growth is inextricably related to its housing sector. Mumbai's growth is achievable solely via renovation of existing places, since there is no available open land. This benefits society as a whole," he said.

The development of this huge chunk of real estate in Cuffe Parade would surely help the entire real estate market in this South Mumbai location in a big way.