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Rs10,000 crore push for Chira Bazaar

A high-power committee of the state government has cleared the 30-acre Chira Bazaar cluster redevelopment project, which will rehabilitate more than 8,000 commercial and residential houses.

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A high-power committee of the state government has cleared the 30-acre Chira Bazaar cluster redevelopment project, which will rehabilitate more than 8,000 commercial and residential houses.

The Rs10,000-crore project will be executed by Unity Realty and Remaking Of Mumbai Housing Infrastructure and Finance Ltd (Lok Group).

Committee chairman Subodh Kumar has asked the promoters of Chira Bazaar (Kalbadevi) to carry out a few modifications.

“The promoters have been asked to make some changes — such as providing a playground near the school, constructing three additional common toilets, etc. They were also told to set up care-taker rooms and install CCTVs to monitor the cluster redevelopment work. The CCTVs will help the traffic department to control the movement of vehicles near the site. Now, we can send this proposal to the state government for approval, which is just a formality,” said one of the panel members.

Chira Bazaar’s cluster redevelopment project is one of the largest projects in the city.

Sources said developers will use this oldest trading centre’s 30-acre plot for residential and commercial purposes. “After rehabilitating the residents, developers can sell the remaining spaces in open market to recover the project cost. The project will improve the infrastructure in the C-ward. More open spaces and parking spaces will be created. The rainwater harvesting will done on 70% of its open spaces,” the sources said.

The daily requirement of water for this project will be 5.25 million litres per day (MLD). Nearly, 14 tonne of garbage will be generated every day and 50% waste will be treated by vermiculture technology to create manure. The dry waste will be treated for creating energy or recycling. The project will be completed in the next five years.

But real estate experts say the project will take at least 10 years.
“It will take at least 10 years to complete the project. But it will change the face of South Mumbai. This project will upgrade and augment the buildings’ infrastructure and restore heritage structures free of cost,” they said.

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