MHADA hopes to develop 40000 low cost houses in Mumbai
With the rates of properties in Mumbai touching sky, Maharashtra Housing and Area Development Authority (MHADA) has come up with a scheme to provide low cost houses in the city limits of Mumbai.
MHADA will team up with different builders in joint ventures to provide 40,000 low-cost houses through this model. These developments will be mostly in the outskirts like Thane and Navi Mumbai.
Recently, the state’s development authority has increased its budget from Rs 100 crore to Rs 200 crore for teaming up with private landowners and builders.
The scheme was initiated years ago but is taken forward now. Under this scheme, private landholders or builders will construct on plots and hand over the result apartments to the housing body. In return, they will get incentive floor space index (FSI) which will generate a good inventory of properties in Mumbai.
As per the MHADA official, they have estimated to build 40,000 houses, if the scheme is implemented soon. In this scheme, Mhada pays only the construction cost of its buildings to the developer.
According to Maharashtra Chambers of Housing Industry (Navi Mumbai), the scheme will be a good one for the home seekers and can work wonders.
Also, MCHI has promised to cooperate and claimed that joint ventures are the need of the hour and should be implemented soon.
The Rs. 100 crore sanctioned in Mhada’s 2012-13 budget for joint ventures was left unutilised due to the indecision of the state government.
Already, there has been good response from the buyers in Thane and other adjoining areas about the scheme. But there are some issues which will be solved soon, as claimed by an official.
Furthermore, MHADA has started buying land parcels in some of the well demand places in Mumbai. The authority has also sanctioned Rs575 crore in Pune and Rs78 crore at Nagpur for purchase of land and construction of low-costs houses.
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