NEWS

State Govt Sets Up MahaHousing To Make Affordable Homes

December 15, 2018

In a bid to expedite the construction of 19.40 lakh homes under the Prime Minister's Awas Yojana (PMAY) by 2022 at 383 cities in Maharashtra, the state government has established the Maharashtra Housing Development Corporation (MahaHousing) headed by the chief minister while the housing minister will be additional president.

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State-run Maharashtra Housing & Area Development Authority (MHADA), Slum Rehabilitation Authority (SRA) and Shivshahi Punarvasan Project Ltd (SPPL) and other government undertakings and agencies will contribute Rs 100 crore towards equity in MahaHousing. Besides, the MahaHousing will be able to mobilise funds from banks and other financial institutions.

The government has issued a notification in this regard on December 11. The state cabinet had given its nod in October for the setting up MahaHousing whose tenure will be up to 2022 or till the PMAY is under implementation. A non-government member will be joint president. A government-appointed CEO will work as its managing director. The entire staff of the corporation will be outsourced. The construction of homes will be implemented through public-private partnership as well as a joint venture scheme.

National Real Estate Development Council's vice president (west) Ashok Mohanani said the establishment of MahaHousing is a step towards the government's aim for Housing For All by 2022. He observed that the target seems to be achievable provided implementation also gains momentum and force.

The government will provide 2.5 floor space index (FSI) for the construction of homes for economically backward classes, low income and middle-income groups while those in green zones or no-development zones will get 1 FSI. A subsidy from the Centre and State will be applicable to these projects.

Sai Estate Consultants Chembur co-founder Amit Wadhwani hoped that the increase in the number of affordable homes will match the constantly growing demand in the segment. ''It will benefit the buyers at large and rise in supply will ensure they get a wider range of options,'' he noted.

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Source:www.dnaindia.com