29th July, 2010 Source: The Economic Times
Private developers have evinced interest to construct 1.60 lakh affordable homes in the neighbouring suburb of Thane, developers' body, Maharashtra Chamber of Housing Industry (MCHI) said today.
Pvt realtors ready to build 1.6-lakh affordable homes in Thane
The Economic Times
MUMBAI: Private developers have evinced interest to construct 1.60 lakh affordable homes in the neighbouring suburb of Thane, developers' body, Maharashtra Chamber of Housing Industry (MCHI) said today.
"Applications of over 15 developers are pending with the authorities to build affordable housing projects in partnership with MHADA in Thane," MCHI President, Sunil Mantri, told reporters here.
Mantri said the developers have some issues with the MHADA (Maharashtra Housing and Area Development Authority) joint venture schemes like the existence of dual authority (MHADA and the local corporation) for clearing projects which need to be sorted out for early execution of projects.
Under the scheme, the developer gets an FSI (floor space index) of 1.75 and MHADA retains 0.75 which will be sold through lucky draws. The private developer can utilise the rest of the land for commercial sale.
"We feel in cities like Mumbai, people do not have any issue paying up and staying adjacent to affordable homes. There is a market for it," Mantri said.
Thane's Municipal Commissioner has recently written to the State Government expressing concern that the projects will have an adverse affect on the city's infrastructure, Mantri added.
The State Government has set a target of having 5 lakh affordable homes in the periphery of Mumbai and MHADA's JV scheme is a part of the same.
Keywords:affordable homes
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