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Formation
of SPPL
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T he
alarming and uncontrollable growth of slum population in Mumbai
since 1961 has posed daunting task before city planners, local
bodies, Housing Authorities and real estate developers in providing
housing for a major segment of city population. Over half of
the residents are forced to live in appalling distress brought
by overcrowding and lack of basic drainage facilities and accumulated
filth and squalor. The slum dwellers encroach on prime property,
blocking development of the city and checking city's traffic
and transit system, Between 1960s and 1990s the government undertook
schemes to work out solutions to the problems of slums but could
only succeed in a very limited way due to reasons and conditions
then prevailing. A scheme launched in 1995 by the
Slum Rehabilitation Authority tried to conic to grips in a realistic
way. The scheme offered incentive FSI to private developers
to build and sell residential and commercial property in lieu
of free tenements built for rehabilitation Of Slum dwellers.
The crash of property prices in 1996 meant most developers could
not raise the facilities required for building, the rehabilitation
tenements. SPPL was formed to overcome the lacunae and ensure
that the slum rehabilitation was implemented quickly.
SPPL was incorporated
on September 25, 1998 as fully owned Government Company with
authorized capital of Rs. 600 crores.
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