Affordable homes in next one year

NARDECO (the National Real Estate Development Council), the umbrella developer body was formed under the ruling of Ministry of Housing and Urban Poverty with an objective to alleviate the work of central government. Niranjan Hiranandani, MD of Hiranandani Constructions Pvt. Ltd is now act as the president of Maharashtra NARDECO unit.

The National Real Estate Development Council has decided to construct one lakh affordable homes on the basis of no-loss no-profit. However; with this condition government has to provide land for the construction of homes. Niranjan Hiranandani, President of Maharashtra NARDECO unit stated that soon we will meet Chief Minister Devendra Fadnavis with detailed plan of action for the construction of affordable homes. Apart from that he also ensured that over one lakh affordable and low-cost houses to be built each and every years for the next five years in MMR (Mumbai Metropolitan Region) in sync with the government of Maharashtra. The more he added that “It will ensure the delivery of best possible technology at lowest possible cost. However; the allotment of the housing units will be based on the certain criteria and lottery system.

“If state government will provide land for such developments, so we will be able to construct home in Mumbai too. We want to earn good name and reputation in all over country. We want to show that this initiative aim to complete the dream of people, which is to own home in Mumbai. After throwing this idea now many real estate developers are coming forward and taking their responsibility to build certain number of houses” said Hiranandani.

Few Builders have different strategy:

According to Pankaj Kapoor, MD, Liases Foras, the real estate research firm, “In Mumbai real estate developers will never construct affordable home, no matter you provide them land or not. Because; first thing; Why we need real estate developers to construct affordable homes at government land? Government needs contractors to construct homes rather than the developers, apart from that urban bodies such as; CIDCO and MHADA should stop their habit to sell land in the open market rather use them for the construction of houses only”.