The Maharashtra Hou-sing and Area Development Authority (MHADA) unveiled its Rs. 4,898-crore annual budget on Thursday, in which it sanctioned 2,736 affordable houses for the city.
The authority's priority is to increase the number of low-cost houses in the Mumbai Metropo-litan Region, which also comprises Thane, Navi Mumbai and Raigad regions. Mhada has earmarked Rs. 2,742 crore for both the purchase of land and construction, of which a lion's share, Rs. 674.40 crore, has been bagged by its Mumbai board.
In addition, Mhada has doubled its budget for joint ventures with private landowners and builders, from Rs. 100 crore last year to Rs. 200 crore this fiscal. However, most of these JVs are in the outskirts of the city - Thane and Navi Mumbai.
The housing authority has also embarked on a drive to purchase land in emerging markets such as Pune, Nagpur, Aurangabad and Amravati, and has sanctioned Rs. 680 crore for the initiative.