To fulfill the demand of affordable housing in the state of Maharashtra, the MHADA will connect with private developer through a joint venture Scheme soon. The decision to work with Private developers to complete the demand of affordable houses in the state has been made by MHADA.
Under the scheme, MHDADA will give FSI (Floor Area Index) of 3 to the builders who won a land parcel and in returns the builder will construct flats for MHADA. And these units will sell by MHADA at low price by computerized lottery system.
The Vice president and CEO of MHADA said that it’s a plan that benefits both sides. The builder will get additional FSI, while we get low cost houses.
The private builder are only allowed an FSI of 1 while through this scheme the MHADA is allowed 3 FSI to construct houses. Through this scheme, the builder can use his 1 FSI to construct houses to his own design and they are able to sell these houses in open market. Though on remaining FSI, the builder must construct houses (smaller houses) according to MHADA’s specification on an FSI of 1. These houses on can be sold in the open market. The houses built on the remaining 1 FSI must be handed over to MHADA.
The joint venture policy was fist bring up in 2010 under then CM Ashok Chavan and MHADA had kept aside Rs200 crore to fund the scheme but it was junked by his successor Prithviraj Chavan. The housing body has introduced changes and is waiting for a formal clearance from the state government.
The official of MHADA said that the main purpose of the scheme is to generate many more smaller-sized apartments. Not only the official of MHADA but private builder to have welcomed the policy.
The Chairman and Managing Director of Gundecha Group said that we are always ready to assist the state for any venture that creates affordable houses. Our only contention is that rules should be simplified and must be consistent.