Maha to have joint venture agreements with pvt land owners

In order to overcome shortage of land for affordable housing, the Maharashtra government has decided to ink joint venture agreements with private land owners.
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May 14, 2012, 10.14 PM | Source: PTI

Maha to have joint venture agreements with pvt land owners

In order to overcome shortage of land for affordable housing, the Maharashtra government has decided to ink joint venture agreements with private land owners.

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Maha to have joint venture agreements with pvt land owners

In order to overcome shortage of land for affordable housing, the Maharashtra government has decided to ink joint venture agreements with private land owners.

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Maha to have joint venture agreements with pvt land owners
In order to overcome shortage of land for affordable housing, the Maharashtra government has decided to ink joint venture agreements with private land owners. Minister of state for housing Sachin Ahir said private land owners with more than 2,000 sqmts of land can approach MHADA and hand it over on lease.

"The private land owners can develop the property by themselves or through private developers. They will get a total 2.5 FSI. After deducting 1.25 or 1.5 FSI whichever is permissible in the municipal jurisdiction, both MHADA and the private land owner will get 50% of the remaining FSI," he added.

The developers will have to construct 60% lower income group (LIG) and higher income group (HIG) housing. The remaining 40% can be utilised by the developers. MHADA will have no land and construction cost in the project.

"Houses will be made available at 30% to 50%  less cost than the market price. Under the project, re-development of private housing societies can also be taken up,"he added.

Ahir said the joint venture scheme will be beneficial to growing urban towns around Mumbai like Kalyan, Dombivali and Thane so that the burden on Mumbai is lowered.

He said the rates of MHADA houses had seen an increase because of the hike in interest and service rates. "There is a mismatch in supply and stock of housing," the minister added. Ahir said the lottery draw for 67,000 houses meant for mill workers will be taken on May 31.

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Maha to have joint venture agreements with pvt land owners

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