MHADA to free more space for putting roof over Mumbaikars!
Expect residential properties in Mumbai-Thane to come within your reach soon! The Maharashtra Housing and Area Development Authority (MHADA) has chalked out a comprehensive joint venture plan with private land owners as well as real estate developers in Mumbai and the rest of Maharashtra to make more land available for construction of affordable homes for people.
With a view to bring residential property prices down, MHADA has announced the scheme of joint venture with private property developers. The move is expected to create an affordable housing stock in Mumbai and Thane urban conglomerate where the residential property rates have touched sky-high.
As a special concession to the house building authority, the Maharashtra government has announced that the MHADA will get 2.5Floor Space Index (FSI). As per the technical definition, the ‘affordable houses’ are those having an area admeasuring 27.88sq.mtr carpet area for Economically Weaker Section (EWS), upto 45sq.mtr carpet area for Lower Income Group(LIG) and upto 80 sq.mtr carpet area for Middle Income Group(MIG).
Joint Venture Scheme:
Based on the above Developmental Control Rule (DCR), MHADA’s scheme of joint venture with private participation is expected to yield desired results. If land owners or developers who have a minimum of 2000 sq.mtr. plot area and who agree to transfer their land in the name of the MHADA, the housing body will get higher FSI in respect of schemes in Mumbai, Thane, Kalyan-Dombivali, Bhivandi-Nijampur, Pune, Solapur, Kholhapur, Nashik, Malegaon, Dhule, Jalgaon, Ahmadnagar, Aurangabad, Nanded and Nagpur Municipal jurisdiction. The move is clearly intended to create affordable housing stock in these metro cities of Maharashtra.
As per the formulation of this scheme, a fifty-fifty formula will be worked out between MHADA & developer to avail the 2.5FSI of the additional FSI over the existing zonal FSI.
Accordingly, the developer will hand over this FSI to MHADA in a built up form for which the latter will pay cost of construction to developer based on District Schedule of Rate (DSR) towards construction cost or the developer will have the option to carve out the proportional land of MHADA share to enable the government housing agency to ensure implementation of this scheme. In return, the developer will be eligible to use balance additional 50% FSI for his scheme. Thus, total FSI to developer would include zonal FSI plus50% additional FSI.
Soon MHADA will sign a memorandum of understanding with the private property owners in Mumbai and Thane for such joint development, said sources adding that this measure will free up a lot of space for development of real estate in Mumbai’s eastern as well as western suburbs.
