Maharashtra government, in a serious bid to give a much needed boost for 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, the Maharashtra Housing & Area Development Authority, the City & Industrial Development Corporation 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 two lakh affordable houses at 20 cities and towns (10,000 tenements each).
A senior government officer told DNA,’’ 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 per cent each can be earmarked for low income category, economically weaker section and middle income group. 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.’’
The officer said the contractors are expected to use new technology which can speedily complete the construction. Of the proposed tenements 30 per cent each can be sold to low income category, economically weaker section and middle income group.
Gulam Zia, 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. Development capability too is hugely constrained with most of the developers struggling to remain in business due to economic and compliance issues,’’ he noted.
Niranjan Hiranandani, President of National Real Estate Development Corporation (NAREDCO) said, ’We as private sector are fully supportive of this substantial initiative. If one looks at the various positive steps taken by the Government, including the recent ones which refer to the PPP model, we should see Pradhan Mantri Awas Yojana acting as a facilitator, and ensuring more participation by the private sector real estate developers in meeting targets like “Housing for All by 2022’, as also Affordable Housing,’’ he noted.
Anuj Puri, 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. ''Affordable housing will not only fill the housing gap but be the next major economic growth driver by creating more than 2 million jobs during the period till 2022. All and any determined initiatives to achieve the target of filling the affordable housing gap cannot come a moment too soon,'' he viewed.
The plan
Contractors are expected to use new technology to speed up construction.
Of the proposed tenements, 30% each can be sold to low income category, economically weaker and middle income groups
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