Under the Pradhan Mantri Aawas Yojna [PMAY], Nagpur Metropolitan Region Development Authority [NMRDA] plans to construct housing projects in the green belt of the city. This decision has been taken by the authority in order to provide land for building of more affordable homes.
With FSI [Floor Space Ratio] up to 1, these housing units will be built with private participation under which the private landowners can construct housing units on their own. Although the developer/realtor is required to apply for this scheme under MHADA [Maharashtra Housing and Area Development Authority] or State Government.
Earlier, under this housing scheme, both MHADA and developer use to decide the cost of housing units at 50-50 percent respectively. Where the developer had the option to put up the cost as per his/her choice and MHADA was restricted to fix cost according to the prevalent rates. But now, the cost of affordable homes will be fixed according to the market rate or the cost submitted by the developer. Also, the rate chosen for the same will be the minimum cost price of the housing unit.
As per Government regulation, the homeowners falling under the economically weaker sections [EWS] and low-income group [LIG] will be benefitted with 50% concession in survey charges. They will also be charged a minimum of Rs.1,000 as stamp duty for the first transaction.
This construction will prove helpful in achieving the target of Housing for all by 2022 set by the Narendra Modi-led Central Government in the year 2015.