Maharashtra Housing and Area Development Authority has announced its budget for financial year 2016-17 with the focus on the construction of houses. According to the source, MHADA has approved the construction of 10,000 houses for the FY 2016-17. However, in the last two year it has managed to build not more than 4,400 houses.
MHADA’s Budget represented on Monday in which it has been decided that around 10,000 housing units will be construction across the state including in Mumbai and Mumbai Metropolitan Region (MMR).
According to the source, For the next financial year, a surplus budget of Rs. 6,508.19 crore revenue has been approved against the expenditure of Rs5,420.48 crore as against deficit budget of the current financial year.
Last year, a deficit budget of Rs755.73 crore was approved for the financial year 2015-16 with Rs3,914.03 crore as income and Rs4,669.76 crore as expenditure. This has now been revised to a shortfall of Rs534.77 crore with Rs3,160.55 crore as income and Rs3,695.32 crore of expenses.
In the ongoing FY, the authority has collected around Rs. 1,200 crore from the sale of house across the state and for the upcoming FY, the authority is planning to earn a revenue of Rs. 3,500 crore from the sale of affordable housing units.
According to the budget details of MHADA, the authority has earmarked Rs. 257.90 crore for purchase of land to construction affordable housing stock across the state. According to the statement of source, this amount is very less compared to the existing real estate prices. Earlier, MHADA had bought a land parcel in Pune for around Rs100 crore, with variations in land cost the sum of Rs257.90 crore may not yield in multiple plots across the state.
Additionally, for Mumbaikars residing in cessed buildings of south Mumbai, there are plans to take up 680 buildings for repairs as against 671 structures that have been undertaken during the fiscal year 2015-16.
Source: https://www.dnaindia.com/