THE THIRD PHASE OF THE PROJECT

The cost of the tenement recovered from roughly 3500 original members did not cover land development expenses, interest and other related administrative costs. Trustees had then planned to recover this subsidy by constructing bigger size flats in the high rise buildings in Zone 4 for middle income/higher income groups. Accordingly, Trustees asked permission of the Govt. in 1998. After pursuing the application for four years unsuccessfully, Trustees decided to construct 1BHK type flats in Zone 4 with a carpet area of approx.350sq.ft.

 Similarly, the subsidy will be partly recovered from allotment of shops/commercial premises/flats in Shopping Centres and Trustees would now be allotting the amenity plots in such a manner to gain maximum benefit to the Trust so as to recover the subsidy given to the original members.

As mentioned above in this Phase of the Project the following has been constructed:

• 1064 (1BHK) tenements in Zone 4 with an approximate carpet area of 350 sq.ft.
  (Members have paid higher rates for these flats to compensate for the cost of tenements for weaker section housing in which tenements have been allotted at subsidized rates)

• Two shopping cum residential buildings and one convenient shopping centre has been completed. Another two shopping cum residential buildings will be ready by December 2007.

(Basic aim will be to allot shops/commercial premises/flats at such rates to gain maximum benefit for the Trust) 

Depending upon the financial resources and response from the prospective aspirants the following will be constructed:

• Hospital

• Retail Market

• Community Welfare Centre

•  and other amenities.

Trustees had to resort to bank loan to finance the subsidy given and as a security for the said loan have mortgaged land and tenements in Zone 1,3,5 & 6 to The New India Co-operative BankLtd. Trustees had given possessory lien of land and tenements in Zone 4 to the Housing Development Finance Corporation Ltd. on behalf of M/s.B.E.Billimoria & Co. Ltd. to support the over dues of contract works. Now Nagari Nivara Parishad has paid the dues in full and the lien of HDFC on Zone 4 has now been released.

Trustees are confident of repaying the bank loan raised and all other related liabilities.

This is a unique housing Project in Metro Mumbai on a`No Profit, No Loss basis' for weaker section of the society.