Maharashtra government will launch a New Policy for Affordable Housing under the Public Private Partnership (PPP) model. Under this new PPP Policy, the state govt. will become authorized to acquire land parcels in the Mumbai Metropolitan Region from the private land owners to complete their affordable housing projects under Pradhan Mantri Awas Yojana (PMAY).
The primary objective to launch this policy is to give a boost to the housing sector in the Mumbai Metropolitan Region (MMR). Govt. is working consistently towards the fulfillment of construction works of 20 lakh houses in the states till FY 2020. Out of these total number of houses, 5 lakh houses are in Mumbai while there are around 10 lakh houses in MMR.
The state govt. will acquire the lands in MMR which includes the state’s capital Mumbai and its satellite towns. The officials will table this new PPP Policy before the cabinet in the next 8 to 10 days.
Maharashtra New Policy for Housing – PPP Model
The draft of the new PPP Policy for MMR comprises of 2 most important features as described below:-
- All the land owners who possess a land holding of more than 100 acres and are unable to develop a big project will have to either sell their land to the govt. or partner with the govt. to develop that land.
- In case the state govt. acquires the land, then the land owners will get compensation from the govt. as per the existing reckoner rate or can get homes by the state govt.
The state govt. feels the need for this new policy as there are various large land parcels with an area upto 100 to 500 acres in the MMR region where owners does not have finances to develop their land. Moreover, if these owners develop their land into big projects, they can just get an FSI of 1 or at-most 2.5. On these FSI, they also have to pay premium.
So, govt. is going to bing this new PPP Policy to benefit the owners as well as to provide affordable housing to the poor people. Maharashtra Housing and Area Development Authority is now selected as the single nodal agency to monitor the affordable housing under Pradhan Mantri Awas Yojana.