With the redevelopment of 56 MHADA societies, Mumbai will get 1 lakh affordable homes. u00a0According to government sources, the FSI for MHADA societies will go up to 3 from the existing 2.5. There are a total of 3,071 buildings in the 56 MHADA societies. According to MHADA’s data, redevelopment of these societies will result in nearly 1 lakh homes, which it will sell at affordable rates. This figure does not include the number of homes existing tenants would get.u00a0

According to the MHADA Housing Stock scheme, introduced in September 2010, any builder redeveloping a MHADA society has to house the existing tenants. Two-thirds of the remaining flats would go to MHADA and one-third to the builder. Many builders claimed that this wasn’t feasible, as one share was too little to recover construction cost, let alone make profits. The government, however, is attempting to woo them back with the added incentive of extra FSI.