The Mumbai District Central Cooperative Bank, the state government has approved a 30-year lease for land in Sion, previously owned by the Maharashtra Housing and Area Development Authority (MHADA).
This decision, ratified in a state cabinet meeting chaired by Chief Minister Eknath Shinde, represents a notable shift from earlier plans and offers substantial benefits to the cooperative institution. The initial proposal had earmarked land in Aarey Colony, where the Mumbai Veterinary College is situated, for the bank’s new cooperative building. However, local opposition to this site led to the reversal of the plan. Following this, the state government opted to reallocate land in Sion, which is seen as a more strategically advantageous location for the bank’s needs.
Under the new arrangement, the Mumbai District Central Cooperative Bank will lease the Sion property for 30 years. The valuation of this land, which was initially set at ₹24.23 crore, will now be adjusted to reflect current market rates. This move is expected to provide significant financial relief to the bank while ensuring fair value for the lease. The land allocation includes provisions for the construction of a commercial and business facility, with an area of approximately 2,034.55 square meters. The bank will receive ownership rights for the construction of this building, which will further enhance its operational capabilities and service offerings.
This development underscores the government’s commitment to supporting cooperative institutions and reflects a pragmatic approach to resolving land allocation issues. By securing a prime location in Sion, the Mumbai District Central Cooperative Bank is well-positioned to expand its services and infrastructure, ultimately benefiting its stakeholders and the broader community. This decision highlights the evolving landscape of urban land management and the importance of responsive governance in addressing both institutional and public needs.
