Private Landowners In Maharashtra Can Monetise Their Immovable Properties
Private landowners in Maharashtra can now monetise their immovable properties through the government’s affordable housing scheme, with the state bringing out guidelines for such asset owners under the Pradhan Mantri Awas Yojana (PMAY).
The state plans to build 19 lakh low-cost houses in a little over three years as part of the Centre’s ‘Housing for all by 2022’ initiative. According to a government notification, state housing body MHADA will tie up with the private landowners and construct the flats.
The project design, approval, construction and selling part will be done by the MHADA. Here, the landowners do not need to pay the single penny for this joint venture. The landowners will get the profit of this project and remaining share will remain with MHADA, reads the notification.
The landowner must have a clear title of the property. The land should not be encroached and should be mortgage free. Besides, as per the development plan, it should become under the residential zone and notified area said the notification.
The state has also doled out many sops to boost the public-private partnership scheme. The projects under PPP will get a 50 per cent discount on the land measurement charges. They will be granted a floor space index (FSI) of 2 for residential zones and an FSI of 1 for green zones. There will be no development charges for such projects.
Under the arrangement, MHADA will develop infrastructure at the project and bear all expenses for it. It will be the responsibility of the MHADA to complete these projects on time. The delay and further expenses will be borne by MHADA only.
The projects under the PPP scheme will be covered under MahaRERA, development control rules and development planning norms.
Vice president of Maharashtra Chamber of Housing Industry, Navi Mumbai said that developers that hold huge land banks and are unable to launch projects on their own can also participate in the PPP scheme. This will boost the housing industry and will help construction of more affordable homes in Mumbai metropolitan areas and other metro cities in Maharashtra.
Source Link- https://www.dnaindia.com/