The Devendra Fadnavis-led Maharashtra Government is keen to sell half of the housing units developed under PMAY [Pradhan Mantri Aawas Yojna] Scheme at the Ready Reckoner rate alias circle rate inspite of the rates fixed by the MHADA [Maharashtra Housing Area Development Authority]. This move will make the home buying more affordable and the State’s housing department has also promised to build nearly 10 lakh affordable homes in the region.
An official of the housing department said that the MHADA policy is bit complex and thus we have asked the private developers who are the part of PPP [Public Private Partnership] model to sell the housing units constructed under the PMAY Scheme at the circle rate value. The official further said that currently these units are also being sold at 20-25% more than that of the circle rate. The developers are also asked to increase the FSI [Floor Index Ratio] of the affordable homes to 2.5.
The housing department has issued a notification for building affordable homes and thirty developers from across the state have entered into the Public Private Partnership [PPP] model to construct these low-cost homes. Apart from increasing FSI of the affordable homes, these units will also be sold either according to the circle rate or the project cost whichever is lower.
Earlier, the Maharashtra Government planned to collaborate with private players to build housing units under the affordable housing segment and has estimated to construct 5,00,000 affordable homes in Mumbai and 10,00,000 homes across the state by 2022.