Developers unable to finish residential projects to be encouraged to hand them over to govt
To meet the target of constructing 15 lakh houses by end of its term, the Fadnavis government has decided to take over uncompleted residential projects from the developers. The government will then complete the remaining work and allot the houses to eligible buyers via lottery scheme.
According to the Maharashtra Housing department, it had decided to approach the land holders and developers, who for various reasons, were unable to complete residential projects in the state. "We will take over these projects and develop them by giving the floor space index (FSI) of 4. In the developed projects, the government will retain the 2/3 developed houses and remaining 1/3 will be given to the developers concerned. We will not pay anything for the land cost to the developers. We are giving them the developed area that they can sell in open market," Prakash Mehta told DNA.
Mehta said the government has a budget of Rs 5,000 crore for the purpose. "We are not short of funds. So builders will be doing all a favour by approaching us," he added.
"This is a welcome step. Presently, many developers are bleeding due to paucity of fund and staggering sale," said Manohar Shroff, vice-president of Maharashtra Chamber of Housing Industry (MCHI), Navi Mumbai. "The government decision will help the buyers get apartments on time. The ratio of developer-government share can be negotiated," Shroff added.
He further said that under the Prime Minister's Awas Yojana, the government has also decided to give Rs 2.50 lakh subsidy to the first-time buyers. "These first-time buyers can purchase the flat and avail the benefit under this scheme. We want to give houses to as many people who don't own a home," Mehta said.
Sources said that CM Fadnavis has called a review meeting of the PM's Awas Yojana on Friday. "The CM will come out with a road map to meet the target," said the source requesting anonymity.
KNOW THE PLAN
- The govt will take over the projects and develop them by giving the floor space index (FSI) of 4.
- Govt will retain the 2/3 developed houses.Remaining 1/3 will be given to the developers.
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