(2)Financial assistance to the Private Developers schemes:-

In order to achieve the target of construction of 25,000 Rehabilitation tenements through Private Developers by giving them financial assistance, the SPPL received applications from the Private Developers for financial assistance for 72 schemes consisting 29758 tenements. SPPL had however proposed to grant loan for 51 S.R. schemes consisting 23158 rehabilitation tenements upto Oct. 1999. For this, the credit limit of Rs. 778.41 crore was proposed to be sanctioned. But actually, however, in view of directives of Housing Department, out of these 51 schemes, aggregate loan of Rs. 536.10 crore was sanctioned for 30 schemes (14809 Rehab tenements) considered for disbursement of which however, aggregate amount of Rs. 73.85 crore only was actually disbursed since further disbursement was kept in abeyance under the Govt. orders.

The loans sanctioned for the balance 21 schemes were not considered for disbursals and were subsequently cancelled as per the desion taken in the 7th Board meeting of SPPL. The loans given to Pvt. Developers were at the interest rate of 17.50% per annum to be repaid in 3-4 annual installments in any event within one year of completion of scheme. Private Developers were very irregular and slow in clearance of dues due to their disturbed financials. SPPL’s funds were locked up much beyond the stipulated repayment schedules. Thus, to expedite recovery, with the approval of Hon’ble CM, Board of Directors gave an offer of one time settlement (OTS) to remaining 22 private developers as on 30-06-2004 to repay the loan at a concessional rate of 10% per annum. The said OTS offer was initially valid upto 31/10/2004 (subsequently extended from time to time upto 30-04-2007).

The loan disbursed to the Pvt. Developers, by 30/04/2007, the full recovery of Rs. 102.01 crore was made, comprising of Rs. 73.85 crore as principal and Rs. 28.16 crore as interest and thus all the developers have since repaid the loan.

Contribution of Shivshahi Punaravasan Prakalp Ltd. (SPPL)

1. In Public Vital Projects undertaken by various Government Organizations.

2. Rehabilitation of 1990 eligible slum dwellers affected by the taxi runway of Airport Authority of India at Jarimari Rafiknagar Kurla West in buildings constructed by SPPL at Dindoshi.

3. Rehabilitation of 258 slum dwellers affected by L&T Bridge at Milindnagar, Powai of MSRDC and 272 project-affected slum dwellers affected by the flyovers near Bandra and Borivali National Park at Dindoshi.

4. Rehabilitation of 560 slum dwellers in the Safety Zone adjacent to the Harbour Railway Line from Mahim to Kings Circle in Dharavi

5. Rehabilitation of 3070 slum dwellers affected by Brihanmumbai Municipal Corporation's (MCGM) Brimstowad project in SPPL buildings at Dindoshi, Mankhurd and Wadala.

6. Rehabilitation of 134 slum dwellers affected by 36.60 meter wide D. P. Road at Mankhurd in building constructed at Mankhurd and rehabilitation of 43 slum dwellers affected by the access road in Shed Complex Dharavi was done in Dharavi itself.

7. Rehabilitation of 387 slum dwellers affected by the railway line in Wadala and Mankhurd at Antop Hill, Wadala.

8. Rehabilitation of 171 slum dwellers affected by the playground at Matunga Labour Camp was done in Dharavi itself.

9. 166 slum dwellers affected by the Andheri Ghatkopar Link Road of the Public Works Department were rehabilitated at Dindoshi.

10. 144 tenements in 2 sale units constructed by SPPL at Rahul nagar Sewri were made available as ‘Police Station’ and ‘Government Service Residences for Police Officers’ at affordable prices.

11. Rs. 3.50 crores were paid to Central Railway for the construction of Railway Under Pass (RUB) at Harbour Railway Line at Turbhe Mandala, Mankhurd.

B) Financial Assistance from Shivshahi Punarvasan Prakalp Limited for completion of rehabilitation component of slum rehabilitation schemes within a time-bound period and for construction of affordable houses in the sale component of the developers' share:-

For completion of rehabilitation component of slum dwellers in the Slum Rehabilitation Scheme under the Housing for All 2022 Scheme and to motivate the developers to construct affordable houses ranging from 30 sq.m. to 60 sq.m. carpet area in the sale component of such slum rehabilitation schemes undertaken by the developers. SPPL received Rs.500 crores interest free deposit from Slum Rehabilitation of Authority. 500 crores of funds was to be invested by SPPL to provide initial financial assistance to the developers for the rehabilitation component and construction finance from State Bank of India for the sale component and for the recovery of the loans of both by State Bank of India. Accordingly, out of the total 15 proposals received from the developers, 3 proposals found viable have been sent to State Bank. However, no response was received from State Bank in this regard. Since the expected response was not being received from State Bank, a slightly improved arrangement of this nature has been made by the Board of Directors in its meeting dated 7th March 2019 with all nationalized banks and private banks/financial institutions with a minimum net worth of Rs. 4000 crores and financial institutions approved by National Housing Bank as Category 1 and 2 for providing loans. However, instead of first investigating such proposals by SPPL, the financial institutions will first check them and certify them and send them to SPPL. The proposals found viable will be placed before the Board of Directors for providing loans for the rehabilitation component. However, no institution has come yet even after discussions with various nationalized banks and private banks.

However, as per the Government Resolution dated 21.09.2023, as per the provisions, made therein, it has been decided to implement the slum rehabilitation schemes at Ramabai Ambedkar Nagar, Ghatkopar in a joint partnership between the Mumbai Metropolitan Region Development Authority (MMRDA) and the Slum Rehabilitation Authority (SRA), Rs. 500 crore fund payable to the Slum Rehabilitation Authority by SPPL for the said scheme has been transferred to the Slum Rehabilitation Authority. C) Investment of Rs. 200 crores in Maharashtra Housing Development Corporation (Mahahousing) as share capital As per the Government decision dated 28th September, 2021. As per the decision taken in the meeting of the Cabinet dated 27.02.2019, it was directed that a fund of Rs. 200 crores each should be provided in two phases from Maharashtra Housing and Area Development Authority, Slum Rehabilitation Authority and Shivshahi Punarvasan Prakalp Limited to establish Maharashtra Housing Development Corporation.(Mahahousing) Accordingly, a fund of Rs. 195 crores has been paid to Mahahousing Company as share capital by SPPL.