Now that the Maharashtra Housing and Area Development Authority (MHADA) finally has the powers of a planning authority, it has fast-tracked projects pending for as long as 10 years. Thanks to this, the housing agency has earned about R99 crore from premiums within a span of six months, by giving offer letters for redevelopment of 50-odd societies in the city. Another Rs 100 crore is expected to be flow in once MHADA approves 57 pending projects, revealed sources.

Since 2007, development of about 56 MHADA colonies, with 76,000 residents, was stalled owing to differences between MHADA and the developer over housing stock. To resolve this issue, the government issued a new policy, under which a developer can pay a premium or give housing stock to MHADA.