Agency proposes to build 5,00,000 houses in 5 years across the Mumbai metropolitan region. The final draft of the scheme is being readied by the state housing department.
Departing from its usual practice of offloading just a few thousand affordable homes in a market that has lakhs of applicants lining up, Maharashtra Housing Area Development Authority (Mhada) is now drawing up a new scheme that aims to generate sizeable volumes of low-cost homes in the Mumbai Metropolitan Region (MMR). Under the new scheme, which is expected to be formally announced in a couple of months, Mhada will share it’s 1.5 FSI with private developers and in return it will get affordable homes on private land, which will subsequently be offered to the general public.
Disclosing details of the new scheme, Gautam Chatterjee, principal secretary-housing, state government said, “Since Mhada has a limited land bank to develop its own projects, the new scheme has been devised to gain access to private land to fulfil the government’s mass housing plans. We expect to build five lakh affordable homes in five years through the FSI-sharing scheme.”
The final draft of the scheme is being readied by the state housing department. “Besides the 1 FSI on private land, the developer will get an additional 1.5 FSI from Mhada, of which 0.75 will be utilised by the developer for open sale and the remaining 0.75 will be used to build homes for Mhada,” Chatterjee said, adding that the new scheme will be implemented outside the municipal limits of Mumbai.
The nearby areas in the MMR like Navi Mumbai, Thane, Kalyan-Dombivli and Vasai-Virar belt are expected to be key beneficiaries of this initiative. Given that 60% of these Mhada homes will be less than 80 sqm (800 sq ft approx), these offerings promise to be a boon for lakhs of home buyers looking for genuinely affordable homes.
Meanwhile, the developers are enthusiastic about Mhada’s FSI-sharing scheme. “The cost of land adds up to Rs3,000 per sq ft and when this saving will be passed on to the buyer, it will result in mass volumes of genuinely affordable homes,” said Dharmesh Jain, chairman and MD, Nirmal Lifestyles.
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