Maharashtra to Boost Affordable Housing Initial Corpus of Rs 3,000 Crore

Maharashtra to Boost Affordable Housing, mulls establishment of a special corporation with an initial corpus of Rs 3000 crore. Various undertakings including the Apex Financial Institution, MMRDA, MHADA & CIDCo. With 30% each for EWS, LIG & MIG.

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Maharashtra to Boost Affordable Housing Initial Corpus of Rs 3,000 Crore

Maharashtra to Boost Affordable Housing, mulls establishment of a special corporation with an initial corpus of Rs 3000 crore. Various undertakings including the Apex Financial Institution for housing National Housing Bank, the Mumbai Metropolitan Region Development Authority (MMRDA), the Maharashtra Housing & Area Development Authority (MHADA), the City & Industrial Development Corporation (CIDCo) are expected to pump in Rs 500 crore each in the proposed corporation to be christened as the Maharashtra Affordable Housing Corporation. The government in a first phase proposes to develop about 2 lakh affordable houses at 20 cities and towns (10,000 tenements each).

As per the data available with the government there is a requirement of about 2 million affordable houses across the state. Of the proposed tenements, 30% each can be earmarked for Low Income Group (LIG), Economically Weaker Section (EWS) and Middle Income Group (MIG). The Corporation will rope in the leading builders and developers as contractors who will be selected on the life cycle costing basis. The construction of these houses can be launched even in the green zone and no residential zone by providing 2.5 floor space index.

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The contractors are expected to use new technology which can speedily complete the construction. Executive Director at Knight Frank India said the strategy sounds good but execution challenges must also be weighed alongside. Availability of land at the right spot has emerged as the biggest hurdle so far.

President of National Real Estate Development Corporation (NAREDCO) said, that they as a private sector are fully supportive of this substantial initiative.

While chairman of Anarock Property Consultants said the Central and State governments are now contemplating many ways and means to provide access to housing for all.

The main focus will be on: Contractors are expected to use new technology to speed up construction.

Of the proposed tenements, 30% each can be sold to Low Income Group, Economically Weaker and Middle Income Groups.

Source Link- http://www.dnaindia.com/mumbai/report-dna-exclusive-maharashtra-mulls-corporation-for-affordable-housing-with-initial-corpus-of-rs-3000-crore-2550227

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