Sun Pharmaceuticals Signed MoU With Maha Govt For Building Affordable Houses

The new firm has plans to leverage the relationship built with various construction industry players and partners for building and financing retail low-cost housing projects.

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Sun Pharmaceuticals Signed MoU With Maha Govt For Building Affordable Houses

Conceptual Advisory Services LLP, a firm in which Sun Pharmaceuticals executive director and his wife are designated partners, has signed a Rs 25,000-crore memorandum of understanding (MoU) with the Maharashtra government for building one lakh affordable houses, on a partnership basis, on private land.

The MoU was signed on the sidelines of the recently-held Magnetic Maharashtra business conclave in Mumbai’s Bandra Kurla Complex. The Maharashtra government recently unveiled an incentive policy for the construction of affordable low-cost houses on private lands under the Centre’s ‘Housing for All’ initiative.

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Also Read: Magnetic Maharashtra, Rs 1.5 Lakh Crore In Affordable Housing For Navi Mumbai

The state-run Maharashtra Housing and Area Development Authority (MHADA) has also invited proposals from private players interested in availing the policy’s benefits. Sources said that the newly-registered company has been set up as a standalone company that will finance and partner in the low-cost housing segment. He is also a founding director of Dadar-based Suraksha Realty, which claims to have undertaken a commercial project on Mumbai’s Andheri-Kurla road and three residential projects in Thane.

According to sources, the new firm has plans to leverage the relationship built with various construction industry players and partners for building and financing retail low-cost housing projects.

Also Read: Shriram Properties Planning To Increase Presence In Affordable Housing

With the Indian real estate market still stuck in a downturn, several developers have forayed into the budget housing space where the demand remains strong despite the slowdown. In order to create an asset-light model, the industry’s financiers have been advocating projects on private or public-private partnerships, sources said.

Apart from this firm, three other private developers, Poddar Housing, Bhumi Raj Group, and Mangal Namoh Gruhnirman Private Limited, have signed MoUs to partner with the Maharashtra government in building low-cost houses. The government has also signed three other MoUs with industry bodies, Maharashtra Chamber of Housing Industry (MCHI), the Confederation of the Real Estate Developers Association of India (CREDAI- Maharashtra), and National Real Estate Development Council (NAREDCo) to develop affordable housing on partnership basis.

Also Read: $2 Billion Investment In Affordable housing By Piramal Finance Ltd.

To push affordable housing projects, the government has accorded industry status to such construction projects. Maharashtra government’s policy also provides additional construction rights for such projects.

Source Link- http://indianexpress.com/.

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